Govt review into super imbalances welcomed
The Senate’s decision to ask the Economics Reference Committee to examine the disparity between male and female superannuation savings has been welcomed by the SMSF Association.
At this stage, the inquiry is expected to report by March next 2016.
“The differences in superannuation balances has long been an issue of contention for the Association that, if resolved, would help contribute strongly to long-term capital and national prosperity,” said the SMSF Association’s chief executive and managing director Andrea Slattery.
“We have repeatedly asked policy-makers to consider how to address the issues underpinning this inequality, such as women experiencing broken work patterns because of time taken out of the workforce to have children, and will eagerly participate in this process in anticipation of some viable solutions being found.
“The Association is on the public record as saying that measures such as retaining the LISC and increasing the SG rate to 12 per cent would help reduce this gap over the longer-term and hopefully these suggestions will be considered by the inquiry.
“Hopefully this inquiry will not only be able to identify the causes of this disparity but recommend solutions that will find bipartisan support in the parliament.”
