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

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

JOHN GILLIES

What does underperformance mean?Is it 8%pa 10%pa 1% monthly.YOu could try walking up to the lotto koisk and buying the w...

2 days 2 hours ago
Pot

Its underperformance as using a flawed system to assess this fact. ...

3 days 2 hours ago
Retired AFSL Principal

ASIC is now ignorantly venturing into the world of short-termism. Advisers are generally giving advice on a long term ba...

3 days 3 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....

7 months 2 weeks 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. ...

7 months 1 week ago

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

7 months 2 weeks ago