(Australian Associated Press)
Finance Minster Mathias Cormann does not anticipate major changes to superannuation coming from the government’s review into the retirement income system.
Instead, Senator Cormann told a Senate hearing the review is more about gaining an improved understanding of the system rather than one setting up another round of major reforms.
“Australians want stability around policy settings in relation to superannuation,” Senator Cormann told the Senate economics committee on Wednesday.
“Australians are concerned about constant tinkering and changing.”
He said public debate following the review may lead to some “further adjustments”, but he said there have already been significant reforms in recent years.
“The government’s judgment is that this is a time to let some of these reforms settle to ensure Australians can benefit from certainty and stability,” he said.
The review was recommended following an analysis into the superannuation industry by the Productivity Commission.
The government has already ruled out including the family home into calculations when applying for the pension as a result of the review, nor would it have another crack at lifting the retirement age to 70.
Senator Cormann also reaffirmed the government will stick to the legislative timetable to lift the super compulsory guarantee.
Contributions will incrementally rise from 9.5 to 12 per cent by 2025, starting with a rise to 10 per cent in 2021.
Asked by Labor senator Jenny McAllister whether there is any intention to change the compulsory nature of the superannuation guarantee, Senator Cormann said: “No.”