When it comes to your retirement savings, the PM is listening

Prime Minister Malcolm Turnbull has softened his approach on the proposed changes to superannuation, insisting he has heard your concerns
Money

Prime Minister Malcolm Turnbull has softened his approach on the proposed changes to superannuation, insisting he has heard your concerns and is listening.

He agrees it’s a complicated area, and while he once said there would be no changes to the suite of proposals on high-end super savings, he now says his government would not be making “policy on the run”.

“I am listening very keenly and carefully to concerns that are being raised by my colleagues and by other people in the community as well,” Turnbull says.

“The reforms are important, but in the implementation and transition, there is work to be done. There always is with tax changes. They will go through the normal cabinet and party room process.”

The Government’s superannuation proposals have been under scrutiny since the Budget was handed down in May, and following the Liberal Party’s underwhelming performance at the July 2 election there has been much concern from within the Coalition that a $500,000 cap on non-concessional contributions dating back to 2007 is a “breach of trust”.

“Trust is something that politicians have very little of and we have burnt a lot of it in this campaign,” senator David Johnston told Sky News.

However, the PM has continued to deny that the changes are retrospective, and defends the measure as something that is fair and laid out in the budget for all to see.

The Government’s other proposal — to drop the annual limit of contributions taxed at the concessional rate of 15 per cent from $35,000 to $25,000 for those aged over 50 years — is also drawing criticism.

What do you think of the Government’s proposal to amend super entitlements? Do you have concerns about your retirement nest egg?

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