Praemium chairman Don Stammer raised concerns about the government's ability to meet budget surplus projections at the Association of Superannuation Funds of Australia's (ASFA) annual post-budget briefing in Sydney yesterday.
"It is unlikely that the government will be able to meet its surplus projection when the numbers assume for the next four years there will be less than 2 per cent real growth in government spending," Stammer said.
Treasurer Wayne Swan said the government aimed to return the budget to surplus by 2015/16, after posting a deficit of $57.6 billion for 2009/10.
Stammer said the government would have difficulty in meeting this projection while maintaining such a small level of spending.
He also slammed changes the government made to the superannuation system in the budget.
"The government is chopping and changing superannuation and is making it more complex. People will have less in their retirement policy after this year's budget," Stammer said.
"I would like to see retirement policy brought back to middle ground."
ASFA chief executive Pauline Vamos also signalled some dissatisfaction with the budget.
"Now is the time for the industry to come together. While they haven't removed anything we will still need to fight some battles, especially regarding the level of the superannuation guarantee," Vamos said.
The government announced major changes to Australia's superannuation system in the budget, which included raising the eligible age for the age pension from 65 to 67 and a reduction in the concessional contributions tax.
