A Budget without super tinkering

The superannuation industry has expressed relief that the Government did not use the Budget to tinker with superannuation policy.

That relief was reflected by the Association of Superannuation Funds of Australia (ASFA) which said the Budget had delivered  welcome stability in superannuation policy and reaffirms the path to better retirement outcomes for more Australians.

“There are no major changes to superannuation in tonight’s Budget and the stabilisation of policy settings will contribute to better long-term retirement outcomes and enable consumers to plan for retirement with confidence,” ASFA chief executive, Dr Martin Fahy said.

“ASFA recently conducted research which found that consumers were unequivocal in their desire to save more for their retirement and this Budget will allow them to do just that.

“The stability in superannuation policy settings in tonight’s Budget is recognition that the superannuation system is effective, sound and sustainable. It is well-placed to deal with economic uncertainty and the challenge of an ageing society,” Fahy said..

He said that combined with the legislated move to 12%, more Australians are now on track to be self-funded in their retirement and the fiscal burden of the Age Pension will continue to be among the lowest of Australia’s OECD peers.