The federal opposition has revealed the approach it will take to future superannuation policy and regulation, emphasising one critical element all governments need to recognise.
“As we develop further policy, the first principle we will apply throughout is that superannuation is Australians’ money. Not the government’s money, not the Prime Minister’s money, not the Treasurer’s money, it is Australians’ money,” shadow treasurer Angus Taylor confirmed while presenting to attendees at this year’s SMSF Association National Conference in Brisbane.
“And as research has pointed out [recently], when it comes to super, Australians trust themselves first, the funds second and the government last. That is a message that needs to be heeded by the government.
“Australians make long-term decisions about their super [and] Australian governments should be extremely cautious about raising taxes on Australian super, watering down consumer protections on APRA (Australian Prudential Regulation Authority)-regulated funds and trying to direct retirement savings to meet political goals, not the goals of the individual investor.”
He stressed superannuation policy needs to be conservative, measured and responsive to the actual gaps in the system rather than the government of the day‘s “whims and objectives”.
“It’s essential that we don’t just preserve Australians’ retirement incomes, but that we maintain the confidence in superannuation as an institution,” he said.
He acknowledged retirement is an individual experience and as such a one-size-fits-all solution is impractical and highlighted the importance of the SMSF sector in this context and the opposition’s commitment to it.
“We need policy that delivers choice, informed options and the advice and adviser network to deliver the best outcomes in retirement. Self-managed super funds are an integral part of that choice,” he said.
“Self-managed super was a key component of the original [retirement savings] act that was legislated in 1993 and it will remain critical under a future coalition government.
“And just as [the Howard and Costello] government supported the sector, so too will a future coalition government act to support choice, individual flexibility and simplicity of regulation for Australians who choose to utilise it.”
