John Brogden

“The Government is returning certainty and stability to superannuation policy,” John Brogden, CEO of the Financial Services Council said today in response to the announcement by Joe Hockey and Arthur Sinodinos that the proposed 15% tax on superannuation earnings above $100,000 would be abolished.

“The former government’s $100,000 earnings tax on superannuation was rushed, complex and frankly, unworkable,” Mr Brogden said.

“Today’s announcement delivers on the Government’s pre-election commitment of no negative changes to superannuation.”

“It also clears the deck of a series of other unworkable and unnecessary tax measures.”

“Australians must be able to grow their superannuation to provide an adequate retirement and the government has supported this.”

“The anticipated revenue from the tax would not have been realised due to the flexibility in managing earnings in the SMSF sector.”

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Mathias Cormann

The Financial Services Council has commended the formal establishment of the Commission of Audit announced today by the Treasurer, Joe Hockey and Finance Minister, Mathias Cormann.

“The Commission of Audit will be the first comprehensive review of Federal expenditure since 1996 and will be an opportunity for the government to get the budget right and to position Australia for future growth”,  John Brogden, CEO of the FSC said.

“It will also provide  an opportunity for the government to start with a clean slate and to remove inefficiencies that are stunting productivity within the public sector.”

“It is a positive sign that the Government is taking a considered approach in applying an independent process with some of Australia’s leading experts to  assess the future of Australia’s economy rather than relying on quick fix budget measures.”

“There will be some hard decisions to come out of this process, but it’s good for the future of Australia’s economy and to  protect our country from international economic volatility,” said Mr Brogden.

“The FSC congratulates Tony Shepherd on his appointment as head of the Commission of Audit.”

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FSC welcomes the new Government’s Treasury team.

The Financial Services Council has welcomed the new appointments to the Treasury portfolio.

John Brogden CEO of the Financial Services Council said: “With Joe Hockey, Arthur Sinodinos and Steven Ciobo we have a strong team in Treasury which will well represent the financial services industry in its next growth phase.”

“As a former Treasury economist and chief of staff to John Howard, Arthur Sinodinos has unparalleled experienced for the role as Assistant Treasurer,” Mr Brogden said.

“We have worked with Mr Sinodinos over the past few yeas and look forward to continuing this in his role as Assistant Treasurer.

“The new Parliamentary Secretary to the Treasurer, Steven Ciobo, represents the next generation of Australian Coalition MPs.”

“Mr Ciobo has been a strong advocate for less regulation and red tape,” Mr Brogden said.

Mr Brogden also said: “While we are disappointed to lose Mathias Cormann after his strong contribution to the financial services industry over the past three years, we understand he is talented and congratulate him on his appointment to Cabinet.”

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