Now for superannuation

Having bedded down the GST with few early problems, Government attention has turned very markedly to the issue of superannuation.

However, the statement by Prime Minister John Howard’s office that the Government was once again looking at the superannuation system to see if it needed a comprehensive review has raised the hackles of some in the industry.

Since the first changes to superannuation in 1983, the

system has groaned under the weight of increased regulation, prudential controls and changes to make it more equitable.

However, participants in the industry point to the complexity created by these changes as the reason for the loss of confidence in the system.

Industry participants have been calling for simplification for many years.

Perhaps it is time for the Government to heed these calls and call for submissions from the industry to assist in ensuring the public again looks to funding its own retirement income needs.