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Budget reaction - they said it
“Given the size of the seed capital and further expected contributions, Australian bond and property markets might suffer from further imbalances in supply and demand, leading to increased upward pressure on prices. The limited breadth and depth of the Australian equity market would also preclude liquid investment in all but the largest stocks in the ASX index, again leading to potentially artificial price pressures. This is only compounded by the fact that the Australian index has been losing its largest players — such as News Limited — to offshore markets.”Senior consultant Institutional Business, Russell Investment Group , Andrew Lill
“Removing the super surcharge means more money in the hands of many Australians to fund their retirements, including their aged and health care requirements as well as their lifestyles.” AMP Financial Services managing director, Craig Dunn
“Perhaps the most surprising tax concession for Australia’s savers is the elimination of the Superannuation Surcharge from July 2005. The financial services industry will rejoice at this announcement.” Deutsche Asset Management
“A number of these announcements will have an impact not only on the way individuals are taxed, but also on the way they choose to deal with their income and superannuation in the future.” Colonial First State
“The abolition of the super surcharge is a responsible retirement savings initiative and was the centrepiece of the 2005 pre-budget submission IFSA put to the Treasurer.” IFSA deputy chief executive officer, John O’Shaughnessy
AUTHOR
Mike Taylor
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