Münchenberg says that while the prime minister has ruled out mooted tax changes for withdrawals by those with higher balances, the ABA recently saw media speculation that changes in the rules around self-managed superannuation
are now being considered by the government.
“Too many rule changes in superannuation undermine confidence in the system.With an ageing population and people expecting to live longer, it should be an overriding priority of any government to encourage people to make provision for their retirement, rather than rely on future taxpayers to fund them. Constant change to the superannuation system and increased taxes that reduce retirement incomes create uncertainty and work against this objective.”
He says Australians relying on their employers to fund retirement face a rude awakening.