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Industry funds warn Govt on super equity
Superannuation will become a key election issue if the Govenrment uses the May Budget to deliver super tax changes which do not deliver equity, according to Australian Institute of Superannuation Trustees (AIST) chief executive, Tom Garcia.
Making his opening address to the Conference of Major Superannuation Funds (CMSF), Garcia warned the Government against seeking to pursue a "quick fix" approach to super changes in the Budget.
He said he would be very disappointed if a quick fix approach was pursued in circumstances where Australians did not need superannuation to be used as a means of fixing a Budget hole.
"The super tax changes need to pass the test of fairness or super will become a major election issue," Garcia said.
Elsewhere in his opening address, Garcia also pointed to the "myth" of people needing $1 million in super to enable a comfortable retirement.
He said this simply was not true and that super needed to viewed in the context of access to the Age Pension.
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Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
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