MyRetirement consultations slow as super for mortgages heats up
Just weeks out from the May Budget the Federal Government has extended the consultation deadline around one of its key 2016 Budget measures – the development of a comprehensive income products for retirement (CIPRs).
The Treasury has announced that the date for the closure of submissions on the CIPRs consultation will now occur on 9 June – a significant extension from the original April deadline.
The Government signalled its support for the post-retirement products in last year's Budget with Treasury opening the consultation process on 15 December, last year.
Rather than calling the post-retirement products CIPRs, the Government chose MyRetirement which it believed would be a more consumer-friendly label.
The changed consultation timetable suggests it will be well into 2018 before legislation around the new arrangements actually reaches the Parliament.
In the meantime, a significant debate has opened up within the Government over suggestions that young first homeowners be granted access to their super to help fund a mortgage deposit.
The Federal Opposition has joined with the superannuation industry in strongly opposing the rumoured Budget proposal.
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