29 March 2022
Budget delivers superannuation stability
The Association of Superannuation Funds of Australia (ASFA) said tonight’s Federal Budget delivers 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”, said ASFA CEO, Dr Martin Fahy.
“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.
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 our OECD peers,” concluded Dr Fahy.
For further information, please contact:
ASFA Media team, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.