In recent news related to superannuation, the sector has expressed appreciation for the stability in super settings following the budget announcement. However, there are concerns about missed opportunities and areas where improvements could have been made. The federal budget, while not heavily focused on superannuation, did mention the sector’s contribution to tax revenue and endorsed support for payday super reform and funding for ensuring timely superannuation payments by businesses.
ASFA, in its post-budget statement, praised the measures to ensure retirement savers receive owed superannuation and acknowledged the stability in superannuation settings. Despite this, ASFA CEO Mary Delahunty emphasized the necessity of ongoing policy adjustments, particularly advocating for changes to the Low Income Superannuation Tax Offset (LISTO).
The Financial Services Council (FSC) welcomed the funding for the Tax Integrity Program but stressed the importance of the next Parliament prioritizing economic growth and regulatory simplification. The FSC highlighted the need for rationalizing legacy superannuation products to drive financial services exports and sector productivity.
The Super Members Council (SMC) criticized the government for not going far enough with superannuation reforms, particularly addressing the outdated law affecting teen workers’ retirement savings. They emphasized the importance of universal super and early investment for a dignified retirement.
HESTA identified areas where the budget fell short, including the absence of super on the carer payment, no adjustments to LISTO, and no indexation of Work Bonus payment thresholds. CEO Debby Blakey highlighted the impact of these gaps on members, especially women, and stressed the need for continued advocacy for a fairer retirement system.
Overall, while the super sector acknowledges the stability in super settings, there is a consensus that more policy changes and improvements are needed to ensure a robust and equitable superannuation system that benefits all Australians and supports their retirement goals.
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