ASFA backs Coonan super commitment
TheAssociation of Superannuation Funds of Australia (ASFA)has done an about face, welcoming Senator Helen Coonan’s reassurance of the Federal Government’s commitment to superannuation changes after being critical only yesterday of the limited reference to superannuation in the Federal Budget.
ASFA chief executive Philippa Smith said yesterday that ASFA was “extremely disappointed” with the fact that the Government was focussed on annual revenue rather than helping those individuals who were “doing the right thing” by trying to save for their retirement.
Smith said that the Government was walking away from the retirement problem and accused it of having a short term focus, saying the money allocated to reducing the super surcharge and the aiding government’s co-contribution scheme had gone missing.
Following comments today by Coonan expressing continuing commitment to superannuation co-contribution for low income earners, Smith says she has been encouraged.
"I am heartened the Minister has affirmed the government's commitment to both super measures today," Smith says.
"I hope there will be a renewed effort by the government to deliver on these promises,” she says.
Despite the affirmation of Coonan’s comments, Smith also expressed continuing concern on the issue.
"The government needs to demonstrate its commitment to retirement savings. We need more incentives to save, and less dipping the tax ladle into the super honeypot.
"Last year's Intergenerational Report was a welcome initiative that showed considerable foresight, yet there has been little follow-up in terms of policy or measures to ensure an adequate savings strategy by individuals and the nation."
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