On Friday, Federal Treasurer Scott Morrison made it abundantly clear that he’s not changing his stance on the Age Pension.
While addressing the Association of Superannuation Funds of Australia (ASFA) in Brisbane, he spoke on superannuation and its impact on Age Pension allowances.
In breaking down the reasons why super exists, he reasoned that: one, it’s a supplement or replacement to/of the Age Pension; two, to curb rising Age Pension costs; and three, to improve national savings.
It’s pretty safe to assume we already knew this.
The treasurer then went on to say that only the third reason had been achieved, but that “in relation to the first two objectives, these can now be merged by stating our objective on enabling Australians to achieve a better standard of living and independence in their retirement”.
Mr Morrison continued by stating that the Government wants “as many Australians as possible to actively plan and save for their retirement, to harness the benefits that the superannuation system offers, and to work towards a self-funded retirement”.
Despite this, he was clear on one point:
“While superannuation should ensure adequate retirement incomes, it should not be seen as an open-ended savings vehicle for wealthy Australians to accumulate large balances in a tax-preferred environment, well in excess of what is required for an adequate retirement,” he said.
“It is not an estate planning vehicle nor was it ever intended to be.”
Mr Morrison said that until the right balance between tax concessions and the superannuation system is achieved, “tinkering and more changes” should be expected.
I’ve told you before, rather than attacking hard working people a Review of unemployement bludgers that have been milking the Government for over 50 years and dodgy Doctors writing reports to fake invalid pension collectors. That is where Revenue lost needing recuperating and give hard working Australians a chance to Retire at 55 not 65 or 67 or in this case never. Hard working Australian need to retire with good quality of life left and not wait till they can not be mobile anymore