The best outcome from this election campaign is that we will very likely achieve important reforms to Australia’s superannuation system, with the Coalition, Labor and the Greens all in virtual agreement about the need for change and likely to pass reform regardless of the final make-up of the parliament. From The AFR:
Lobby groups say measures aimed at winding back generous superannuation tax concessions are unlikely to be derailed if the Liberal Party is unable to win an outright majority in either house of Parliament…
Matt Linden, director of public affairs at Industry Super Australia, says that despite the uncertain make-up of the Parliament there is a broad consensus among the three major parties on superannuation policy.
“There might be some disagreement around the edges but the major parties have never been closer on superannuation policy,” he said…
While we have been highly critical of Malcolm Turnbull’s and Scott Morrison’s performance overall, this is one area where they do deserve praise. They reversed Tony Abbott’s blanket refusal to make changes to superannuation which, combined with policy leadership from Labor and the Greens (who released policy agitating for reform first), has allowed reform to proceed with near tri-partisanship agreement.
Well done all round.
