The SMSF Association has applauded the re-selection of Scott Morrison and Kelly O’Dwyer to the Treasury and financial services portfolios, saying it will bring “much needed stability”.
SMSF Association chief executive Andrea Slattery says the decision to reappoint the two ministers will bring stability to superannuation and financial services “at a time when some critical issues arising out of the last budget will need to be resolved”.
Ms Slattery has called on the two ministers to resolve super speculation and scrap proposed changes to concessional and non-concessional caps.
“We are on the public record as saying we believed the reduction in the concessional contribution caps were detrimental to the goal of encouraging people to be self-sufficient in retirement, and that the move to limit non-concessional contributions to a $500,000 lifetime cap from budget night disrupted people’s retirement planning, but have been heartened by suggestions that the government is prepared to sit down and discuss these proposals,” she said.
“We are certainly look forwarding to continue working with the government to find ways to either change or ameliorate the impact of these changes on people’s retirement income strategies.”
Ms Slattery said the uncertainty of the proposed changes is worrying for many Australians.
“The association is acutely aware of how these changes have heightened concerns among people, especially those nearing retirement, about their superannuation, and therefore understand the importance of having policy stability on these critical issues.”
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