PM rules out borrowing in super changes

27 September 2013

| By Mike |

The Prime Minister, Tony Abbott, has ruled out making any near-term changes to superannuation based on concerns expressed around the ability of self-managed superannuation funds (SMSFs) to borrow to invest in property.

Asked to comment on a Reserve Bank board reference to the amount of investment in speculative property, the Prime Minister reinforced the Coalition's pre-election commitment to making no surprise or adverse changes to the superannuation regime.

Further, he said the Government would not be in the business of discriminating between different forms of super.

However on the question of whether the Government would consider removing the ability of SMSFs to borrow to buy property, Abbott said he was not going to get into speculation on the issue.

VIEW ALL

View all

"What we said was that there would be no adverse changes to superannuation under an incoming Coalition Government. That is a commitment that we stand by," he said.

"What we are doing now is calmly, steadily, purposefully moving to implement our commitments and obviously, as situations develop, we will respond as best we can to them, but in keeping with the values, the principles and the commitments which we took to the Australian people before the election."

AUTHOR

Recommended for you

Financial advice

Insignia acquisition race yet to be decided, says Morningstar

Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.

Financial advice

PE bidder exits Insignia acquisition battle

Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end.

Financial advice

Government eyes further superannuation reforms to limit bequests

The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.