Election leaves superannuation policy uncertain

Nest egg, superannuaiton, SMSF, retirement
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election 2016, superannuation policy, budget 2016, coalition, liberal party, labor party, parliamentAn unclear election result has compounded already uncertain superannuation policy.

The counting of votes continues, though it is quite likely there will be either a Coalition or Labor minority government. This leaves superannuation policy even more uncertain than it became during the election campaign.

Both the Coalition and the Labor parties went in to the election with policies on superannuation which had been subject to criticism, particularly some of the policies announced in the 2016 Budget.

These proposed measures were further complicated when members of the Coalition indicated they might seek to change the policies in the party room following the election. Then, late in the campaign, Labor adopted all the savings from the 2016 Budget superannuation changes without setting out which policies it planned to implement.

With a hung parliament likely, and a large senate crossbench, it is unclear which policies could be legislated.

Some are blaming the Budget superannuation policies for contributing to the swing against the Coalition.

“We were not served well by the superannuation policy that saw a lot of Liberals vote against us,” said Victorian Liberal Party President, Michael Kroger.

Liberal Senator Eric Abetz said: “The issue of superannuation is very dear to the core base of the Liberal party.”

“To have the certainty of that being compromised did send shock waves through that sector of the community that are our core supporters.”

An exit poll by Sky News showed that 37% of people rated ‘superannuation changes’ as a very important issue in the federal election. 43% of people aged 50 and over rated the issue as very important.

Senator Abetz is also quoted as saying he will advocate for the Coalition to “reconsider” aspects of the policies.

Tim Wilson, Liberal party candidate for the seat of Goldstien and who is expected to be elected to the House of Representatives, said the super policies might need some “fine-tuning”

Former Prime Ministerial Chief of Staff Peta Credlin said the superannuation changes in the Budget upset a lot of conservative voters and that the changes won’t make it through the party room.

The counting of votes continues.

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