Coalition furthers its commitments on super

The Federal Opposition has sought to put a further stake in the ground on superannuation policy by meeting with superannuation sector leaders and reaffirming its approach to key agenda items such as the superannuation guarantee.

Announcing the outcome of the "roundtable" with the industry, Shadow Treasurer Joe Hockey and Shadow Assistant Treasurer Senator Mathias Cormann said the Coalition had given the following undertakings:

  • Not to rescind the increase in compulsory super from 9 to 12 percent
  • Not to proceed with any other measures attached to the failed mining tax, including Labor's unfunded low income super tax offset; and
  • To release its own policy to encourage increased savings by Australians across all income brackets in an appropriately targeted and fiscally sustainable way.

The two politicians said they had also outlined their plans around improving corporate governance arrangements for superannuation, addressing excess contributions tax issues and revisiting concessional contribution caps and co-contributions.

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They said the Coalition would also conduct a financial systems inquiry, including a focus on superannuation.

The announcement from the Coalition came only hours after SMSF Professionals' Association of Australia (SPAA) chief executive Andrea Slattery renewed her organisation's calls for the Government to address the excess contributions tax regime.

Addressing SPAA's national conference in Melbourne, Slattery said the system, designed to discourage individuals from paying superannuation in excess of a prescribed limit, required urgent reform.

"There is no shortage of evidence to show the system is not working," she said.

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