Superannuation reform announcement will help deliver certainty: ASFA

The Association of Superannuation Funds of Australia (ASFA) welcomes the Government’s announcement regarding reforms to the superannuation system.

ASFA CEO Ms Pauline Vamos says the announcement will help stop the panic in the community and allow people to better plan for their retirement in an environment of stability and certainty.

“We have been calling on the Government to put a stop to the hysteria and consider policies which take a long-term approach to the future sustainability of Australia’s superannuation system.”

“We have consistently said that with an ageing population, there need to be adjustments made to ensure we meet the demands this will place on government budgets in the future. It’s important that governments take action to help people boost their own retirement savings to take pressure off the age pension in the future and help retirees pay for other age-related expenses that would otherwise require further government support,” says Ms Vamos.

“Boosting retirement income is also a boost for the economy. The growing number of retirees will be the consumers of the future, and their superannuation income will no doubt drive demand for the goods and services provided by the thousands of small businesses in Australia.”

Ms Vamos says that there is a lot of complexity in the changes which will need to be considered carefully.

“ASFA has been continually involved in discussions with government regarding the impact that changes to the system will have on the community. We will examine these proposed changes in detail to ensure they deliver the best outcomes for the sustainability of the system and a comfortable retirement for all Australians.”

For further information, please contact:

Pauline Vamos, CEO, 0433 169 342

Lisa Chikarovski, Media Manager, 0451 949 300

About ASFA

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 whose aim is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.