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FSC says governments should be consolidating superannuation not taking it

05 Aug 2013
From

Australian government to increase super consolidation threshold.

Financial Services Council CEO, John Brogden said today the government’s announcement today to increase the threshold for inactive superannuation accounts from $2,000 to $4,000 then to $6,000 is unfair.

“We oppose this measure”, John Brogden, CEO of the Financial Services Council said today.

“Governments should be consolidating peoples’ superannuation, not putting it into consolidated revenue”, he said.

Mr Brogden also said the announcement today was out of step with recent reform to superannuation.

“This Government’s own SuperStream reforms have made it easier to bring accounts together.”

“It will unfairly capture the savings of many young and low incomes in particular,” he said

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