Peter Costello criticises Govt for superannuation tinkering
The Government needs to remember that superannuation is a long-term investment and stop tinkering with the rules, according to former Liberal Treasurer Peter Costello.
Addressing an IOOF adviser briefing, Costello said he could not understand why the Government had tinkered with the superannuation rules across a succession of Federal Budgets.
"I do not know why they changed rules, which were good rules," he said. "By doing so they undermine confidence in superannuation."
Costello said superannuation had to be seen as a 40-year investment requiring a stable legislative environment.
"You cannot blame people for lacking confidence if you keep changing the rules," he said.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
