ASFA Statement 19 July 2016
Certainty and stability important for superannuation: ASFA
The Association of Superannuation Funds of Australia (ASFA) has today welcomed the re-appointment of Kelly O’Dwyer as Minister for Revenue and Financial Services and looks forward to working with the Turnbull Government to bring about the best possible outcomes for superannuation fund members.
ASFA says Minister O’Dwyer’s continuity in her role with responsibility for superannuation will be an important factor in ensuring that the proposed changes to superannuation are both workable and settled as soon as possible. This in turn will deliver much needed certainty and stability, because ongoing speculation affects the community’s confidence in the system.
There are many challenges ahead in the field of superannuation policy. ASFA has broadly supported the changes to superannuation announced in the Budget, particularly those that assist low income earners and which allow those with low account balances to more easily catch up on their superannuation savings. It looks forward to consulting with the government on the specific details and implementation of the various measures. It’s important that the details are right, so as to avoid unintended consequences of any changes and to ensure that they are workable and cost effective.