Australia will have a less than adequate retirement policy in net terms following the Federal Budget, according to Australian economist Don Stammer.
Speaking at an Association of Superannuation Funds of Australia (ASFA) Budget briefing, Stammer said there is greater uncertainty for superannuation.
He said he felt that the Government was “chopping and changing” on superannuation.
“We’ve got a sensible framework for superannuation but they’re still making it more complex.”
However, with a pension that does not reflect the life expectancy of the average Australian, Stammer said he felt the Government’s decision to raise the age of retirement was “sensible”.
Meanwhile, ASFA chief executive Pauline Vamos said it was important to remember that while some superannuation measures had been reduced or frozen in the Budget, “they haven’t removed anything”.
