We now have an election result which in normal circumstances would mean we have a clearer understanding of the policy direction over the next few years. This result, however, means there will be a lot of negotiation before we see the final position on issues such as the controversial superannuation changes proposed by the Government during the May budget.
The attached table gives a quick update on the key financial services policies so you have a concise view of the policy positions of the likely MPs and Senators.
Fundamentally RFS is opposed to any changes that can be deemed as retrospective as this undermines the confidence of contributors to superannuation. If you can’t be confident of the treatment of your savings when you retire, why agree to lock it into an environment where you have very limited access until age 65 or beyond.
We and our industry bodies as well as accountants and their industry bodies continue to lobby government for changes to their proposed policies so this is not a done deal. The Senate will be a very difficult place for legislation to be enacted and Mr Turnbull and his government cannot begin to pretend they have a mandate for their policies.