Industry associations have welcomed Labor's policy initiatives which were announced at an Association of Superannuation Funds of Australia (ASFA) lunch yesterday.
Investment and Financial Services Association (IFSA) and ASFA said announcements made by the Shadow Treasurer Wayne Swan would make Australia's financial services industry more competitive globally.
"The income tax credit and how it applies to foreign income is an important issue for managed funds investing overseas," ASFA chief executive Philippa Smith said.
"We are happy to continue to engage with both political parties in promoting these export issues," IFSA chief executive Richard Gilbert said.
Smith also praised Labor's policy to improve the adequacy of low and middle income earners.
"It is also encouraging to hear that the adequacy issue was also addressed. A revamp of the co-contribution scheme is an important step in solving the adequacy issue for lower and middle income earners," Smith said.
