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PM says SMSF sector is critical
Prime Minister Malcolm Turnbull has publicly acknowledged that the self-managed super fund (SMSF) system is a key pillar of the superannuation system, according to the SMSF Association.
The association's managing director and chief executive, Andrea Slattery, stressed that Turnbull also identified the SMSF Association's role in achieving that outcome.
According to Slattery, the move represented a great endorsement from the Prime Minister.
"As the Prime Minister rightly recognised, professionals, small business owners, and the self-employed find the flexibility and freedom that SMSFs offer to be increasingly attractive, and as such play a significant part in ensuring Australians are well placed to provide for their own retirement," she said.
"And his public endorsement of our commitment to excellence in the superannuation system was fitting recognition of all the work the Association has done over the years to lift professional standards.
"Many of the issues that he identified in his address have long been policy objectives of the association."
Slattery also said that the association supported the Government's decision to ask the Productivity Commission to look at the efficiency and competitiveness of the superannuation system.
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