Business News

Industry body upbeat on shadow ministers

The SMSF Association has welcomed the reappointment of Chris Bowen as shadow treasurer and the appointment of Katy Gallagher as shadow minister for small business and financial services.

SMSF Association chief executive Andrea Slattery said she was pleased to see Bowen retain his role as shadow treasurer, as the industry body has built a good relationship with him and was confident he will give serious consideration to its concerns about some of the amendments to the superannuation system contained in the 2016 federal budget.

Slattery added the association is looking forward to working with the opposition to establish a bipartisan approach toward superannuation and financial services.

“We particularly look forward to working with Katy Gallagher in the financial services portfolio at a time when the superannuation industry is facing significant change from budget night measures,” Slattery said.

“The association’s support for a number of the positive measures and opposition to a few budget measures is well known, and we are hopeful of being able to present our case to the opposition to explain why we believe some of those changes will impact on the ability for people to save adequately and achieve a dignified and secure retirement.”

Further, Slattery called on the opposition to work with the government to enshrine the purpose of superannuation in legislation as quickly as possible.

“It’s our firm belief that much of the uncertainty surrounding superannuation could be minimised by having its long-term goals and those principles underpinning it legislated for,” she said.

At the same time as welcoming the shadow ministry appointments, she also thanked outgoing shadow minister for financial services and superannuation Jim Chalmers for all of his work during the previous parliament.

“Jim was always prepared to listen to and consider the association’s point of view on a range of superannuation and financial services issues, and it’s pleasing to see his efforts have been recognised with his promotion to the shadow finance portfolio,” she said.

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