News Article

The Financial Services Council (FSC) welcomes the disciplined Budget position, with spending constraint delivering a $4.2 billion surplus built on a solid domestic economy.

The Financial Services Council has been at the forefront of recent policy debates, raising concerns with the design of the proposed $3 million cap on superannuation balances and continuing to support the implementation of the Quality of Advice Review.

Today’s announcement by the Government to increase the frequency of superannuation guarantee payments to align with wage and salary cycles is a welcome outcome that will benefit Australian consumers.

By Blake Briggs, CEO of the FSC The success of Australia’s superannuation system is too often measured by its rapid growth to $3.4 trillion in savings, not by its actual objective, which is to provide income for Australians in retirement.

New research released today by the Financial Services Council (FSC) shows policy reform focused on improving how Australians spend their superannuation savings would boost retirement incomes by 10 per cent each year, or by $397 billion by 2050.

The Financial Services Council (FSC) welcomes the Government’s release of the wide-ranging review undertaken by the Treasury of the Your Future, Your Super (YFYS) laws and its accompanying policy response.

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