Frydenberg rules out SG change
The Federal Government has made clear it has no plans to abandon raising the superannuation guarantee to 12 per cent by 2025 despite research from lobby group, the Grattan Institute, that the rise is not warranted.
Federal Treasurer, Josh Frydenberg has used multiple media interviews to reinforce that the Government has no plans to change its approach to the SG.
The Coalition Government acted to delay the Australian Labor Party’s planned program of increases to the superannuation after it came to office in 2013 meaning it would not reach the planned 12 per cent until 2025, seven years later than planned by the Labor Party.
Questioned on the Grattan Institute suggestions that an increase was not warranted, Frydenberg said the Government had no plans to change its approach, citing the certainty needed by retirees.
“I think people want the certainty when they are planning their investment, that’s legislated, and planning for their retirement,” he said.
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
