The Financial Services Council (FSC) has urged the government to resist "tinkering" with superannuation as the Coalition moves closer to releasing its long-awaited taxation policy.
Speaking in Sydney on Friday, FSC chief executive Sally Loane said superannuation must not be "raided" by the government to fill holes in the federal budget or to "fund pet projects".
"The national retirement savings policy – otherwise known as superannuation, has little to do with the tax system," Ms Loane said.
"Everyone knows we have a crook tax system. It is confusing, inefficient, costs Australia investment and jobs and it reduces the incentives for many to work.
"You can tinker with super but the truth is you will still have a broken tax system," she said.
Superannuation changes are "not credible tax reform", she added.
"Let’s be very clear: the gates have long been closed to stop people stuffing millions into super," Ms Loane said.
"Super was never designed as an intergenerational wealth transfer vehicle and should not be used as such."
Ms Loane also laid out the FSC's six-point plan for superannuation:
"If we follow this plan, new analysis by Rice Warner Actuaries demonstrates that the super system will achieve its objective – the present value of our age pension liabilities will be reduced by 60 per cent for middle Australia by 2050," Ms Loane said.
Australians could lose hundreds of thousands of dollars by being a member of a poor performing fund. ...
In the absence of a commitment to net-zero greenhouse emissions by 2050, the superannuation industry stands to lose billions of dollars, a m...