The Federal Treasurer, Joe Hockey has again explicitly ruled out the Government moving to change the superannuation tax settings.
Addressing a PWC Tax Reform Forum, Hockey said that not only was the Government going to stick to its promise not to "engage in adverse or unexpected changes to superannuation in our first term of government" but also stated "we have no plans to increase superannuation taxes into the future".
"During a period of low global interest rates, which can have a significant impact on superannuation balances — plus the volatility in the world economy — why would a government want to increase taxes on super?" the Treasurer asked
"Stability in tax policy is important, and even more important where individuals rely on the long term stability of the rules around retirement savings," he said. "What self-funded retirees and part pensioners need now, more than ever ,is stability not more tinkering with the system."
"Superannuation is not the government's money; it is the money that belongs to the Australian people — and the Australian people deserve better than to have governments continually mucking around with the rules or treating their savings as a piggy bank," Hockey said.