Senator Fifield on what the government plans for self managed retirees…

You asked Senator Fifield, “Those of us self-managed retirees don’t ask for much. We’ve worked, saved, paid tax and now we want to draw on our super and enjoy our retirement without interference. We haven’t got our hand out, but we’re nervous the government might change the super rules and suddenly start taxing us from our carefully budgeted super money. We’ve budgeted so that is can last the rest of our lives. How do you expect already retired self‐managed retirees to cope if you take away our carefully budgeted income?”

And Senator Fifield answered…

The Coalition is committed to Australia’s three-pillar retirement system: an aged pension as a safety net, a compulsory system of retirement saving through superannuation, and incentives for voluntary saving.

In particular, we recognise and appreciate that self- funded retirees have worked hard throughout their lifetime to support themselves through retirement. We encourage all Australians to actively plan for a self-funded retirement by taking advantage of Australia’s superannuation system.

We know that the previous government’s decision to increase taxation on Australians’ superannuation savings by almost $9 billion made it difficult for many to plan for their future. That’s why the Coalition has committed to restoring stability and certainty to superannuation as a key part of our plan to build a strong and prosperous economy.

To help Australians have confidence again in superannuation we have pledged not to make any unexpected detrimental changes to superannuation.

An ageing population and longer life expectancies is something to be celebrated, but these trends do highlight the importance of a robust superannuation system through which more people provide for themselves through retirement.

Keeping this in mind, over the longer term we will monitor the system closely and, if it seems major changes are necessary, we will ensure there is a full public debate before any decisions are made. No significant changes will be made without a proper public consultation process and debate first.