Frydenberg promises consultation on super borrowing
The Federal Government has signalled that a blanket ban on borrowing within super is unlikely, despite the recommendation contained int the Financial System Inquiry report.
Assistant Treasurer, Senator Josh Frydenberg has told the SMSF Association annual conference in Melbourne that while the Government is cognisant of the FSI recommendation it will not be moving on the issue without first consulting fully with the stakeholders in the superannuation industry.
"We need to get the policy settings right and to do that we will be consulting with all the parties," he said.
Frydenberg said the Government needed to continue to explore the full range of options including the question of whether SMSF trustees should be allowed to give personal guarantees.
The minister also signalled that the Government was keen to inject more certainty into the superannuation policy environment and that to achieve this it would be seeking to set a superannuation objective and then seeking bipartisan support for that objective.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
