Frydenberg rules out SG change

superannuation/SG/superannuation-guarantee/reform/Grattan-Institute/policy/Josh-Frydenberg/morrison-government/federal-government/Federal-Treasurer/coalition-government/Australian-Labor-Party/Labor-Party/retirement-planning/

8 November 2018
| By Mike |
image
image image
expand image

The Federal Government has made clear it has no plans to abandon raising the superannuation guarantee to 12 per cent by 2025 despite research from lobby group, the Grattan Institute, that the rise is not warranted.

Federal Treasurer, Josh Frydenberg has used multiple media interviews to reinforce that the Government has no plans to change its approach to the SG.

The Coalition Government acted to delay the Australian Labor Party’s planned program of increases to the superannuation after it came to office in 2013 meaning it would not reach the planned 12 per cent until 2025, seven years later than planned by the Labor Party.

Questioned on the Grattan Institute suggestions that an increase was not warranted, Frydenberg said the Government had no plans to change its approach, citing the certainty needed by retirees.

“I think people want the certainty when they are planning their investment, that’s legislated, and planning for their retirement,” he said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 4 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3