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.