Minimal super changes welcomed by Actuaries
The absence of any major changes to superannuation in the Federal Budget has been welcomed by the Australian Institute of Actuaries.
At the same time as welcoming the first surplus since 2008, following higher than expected tax receipts over the last two years, Actuaries Institute president Nicolette Rubinsztein said the government had balanced the budget using these receipts for new expenditure on short-term stimulus programs and longer-term fixed spending.”
“Both of which will deliver a boost to Australia’s economy, whilst holding back enough for a strong surplus," said Rubinsztein.
Rubinsztein welcomed the absence of any changes to superannuation policy, after years of major changes.
The Actuaries Institute supports an increase in the concessional and non-concessional age to 67, putting in line with the pension age for those not meeting the work test.
Elayne Grace, Actuaries Institute chief executive officer, said they also supported extra funding for regulators announced as part of the budget.
"More funding for APRA and ASIC means there will be better outcomes for Australian consumers in their dealings with financial institutions," Ms Grace said.
"More resources should help the regulators enforce some of the 76 recommendations following Kenneth Hayne’s Royal Commission into financial services."
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.
