Labor blamed for lack of confidence in super
Liberal Member for Bradfield Paul Fletcher hit out at the Labor Government for the current lack of public confidence in Australia’s superannuation system.
Speaking at a breakfast function organised by Money Management’s sister publication Super Review and sponsored by CommInsure, Fletcher said government changes to superannuation - particularly around caps and tax concessions - were corrosive to public confidence.
However, he flagged super fund governance and independent board directors as areas an incoming Liberal government would seek to alter if elected, as well as selection of default funds under modern awards.
“And if and when Government is back in surplus, if that ever happens, we will revisit concessional contribution caps,” Fletcher said.
Also speaking at the Super Review breakfast function, the Australian Institute of Superannuation Trustees senior policy adviser Karen Volpato said Australians did not want any surprises whilst planning for their retirement, but that did not mean no changes to super.
She said the system needed benchmark policy changes against three indexes - sustainability, adequacy and longevity - to provide certainty within change.
The industry had been able to come together behind implementing the super guarantee, but it now required more certainty, Volpato added.
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