ASFA calls for calm
The Association of Superannuation Funds of Australia (ASFA) has called for calm and considered debate about the future of the superannuation system.
The call came amid growing concerns regarding potential changes to superannuation taxation in the upcoming Budget, but ASFA CEO Pauline Vamos said the system was not in crisis.
"It [the system] is starting to deliver real money in retirement for the average Australian," Vamos said. "It is saving the Government billions in the Age Pension and today, the use of the system and the benefits of the system are broadly equitable across all income tax brackets."
Vamos called policy makers to ensure decisions are made using a long-term approach, in order to return confidence to the system.
With an ageing population living longer in retirement, she said no doubt adjustments would have to be made for the future to ensure the superannuation system was sustainable in the long term.
"Many ideas and proposals have been recently debated in the media, and while we welcome this debate, the over-arching goal should be to ensure we have a sustainable superannuation system which delivers a comfortable retirement income for all Australians," Vamos said.
"ASFA advocates that any debate should start with some key principles and facts which we have released today in order to inject a degree of calm and encourage a better-informed debate."
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