Opposition to revisit concessional cap limits
The Federal Opposition will revisit concessional contribution cap limits if it wins the September election, according to the Shadow Minister for Financial Services, Mathias Cormann.
Speaking at a breakfast hosted by Money Management’s sister publication Super Review, Cormann said a policy position could not be reached until the Opposition was able to properly assess the budget.
“We don’t know the starting position of the Budget because we don’t trust [Wayne] Swan,” he said.
He said the Government’s recent decision to increase concessional cap limits to $35,000 was better than what existed previously, but no attention had been paid to non-concessional cap limits and breaches - which was an area the Opposition would assess.
He recommitted to delaying the super guarantee increase to 2021 and said if the Coalition won the election, it would legislate to have independent directors comprise one third of industry fund boards, and ensure default settings allowed any MySuper product to qualify.
“We don’t see any reason for another layer of bureaucracy,” Cormann said.
Similarly, he said the Council of Super Custodians created unnecessary red tape. The Government could not delegate its decisions to a board of vested interests, he said.
“We already have a Council of Super Custodians; it’s the Australian public,” Cormann said
He also highlighted retirement product innovation as an important area of reform for the Coalition.
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