Major parties on notice over super tinkering

5 July 2016
| By Mike |
image
image
expand image

Tinkering with superannuation may have proved fundamental to undermining the Government's performance in Saturday's Federal Election, according to Express Super and SuperGuardian chief executive, Olivia Long.

Long said she believed a clear message had been sent to all political parties that they would continue tinkering with superannuation at their peril.

What is more, Long believes that the danger crosses party lines and that although the Coalition Government felt a voter backlash, it could just as easily have been felt by the Australian Labor Party.

"The reality is both the major parties were culpable as Labor included these savings in its fiscal estimates," she said.

"What the electorate has rightly discerned is that superannuation is increasingly being seen by all the political parties as a cash cow that can be milked for fiscal reasons."

"However, what we have seen in the election is that many of the people have said ‘enough is enough', and that there will be an electoral cost if you continue to change the policy settings by which people plan their retirement income strategies," Long said.

She said that SMSF trustees were already being confronted by difficult times in dealing with volatile investment markets, and these problems were being compounded by having to continually second-guess what the Government would do with superannuation policy.

Read more about:

AUTHOR

COMMENTS

Recommended for you

subscribe

Stay up to date with Australia’s top news and information source for the wealth management industry

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Remus_au

Absolutely agree with you on this Les. That's how I see it too. The client facing "new" SOA document might shrink down a...

2 days 18 hours ago
Stephen Eedy

Most advisers are now degree-qualified with many years of actual practical industry experience, and are fully-qualified ...

2 days 18 hours ago
Dominic Widlake

This is all so ridiculous. I have 33 years experience, and have studied hard over the last 4 years to obtain the gov...

2 days 18 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

5 months ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

4 months 3 weeks ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

5 months ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND