Superannuation changes pass the Parliament
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Last week the Coalition Government secured parliamentary passage of the most comprehensive suite of superannuation reforms in a decade.
This delivers on our commitment to improve the fairness, sustainability, flexibility and integrity of the superannuation system.
With our Federal Budget currently under pressure, this saving measure will improve the underlying cash balance by $2.8 billion over the forward estimates.
Ninety-six per cent of individuals with superannuation will either not be affected by these changes or will be better off.
The majority of the four per cent of individuals that are adversely affected by these changes are unlikely to rely on the Age Pension in retirement.
The passage of the package will make it possible for Australians to manage their superannuation and plan their retirement with certainty.
It will also provide certainty for the superannuation industry, allowing it to implement the reforms by 1 July 2017.
Further details on the Government’s superannuation reform package are available atwww.treasury.gov.au/superreforms
Mark Coulton
Federal Member for Parkes
Deputy Speaker for House of Representatives