Key figures within the superannuation industry have expressed concerns about the government’s proposed reforms – including fears Australians may lose confidence in the super system.
The concerns follow Treasurer Jim Chalmer’s interest in capping multi-million-dollar account balances.
The Self-Managed Super Fund Association has warned the proposed changes to concessions could discourage Australians from making voluntary contributions. Former ASIC deputy chairman Jeremy Cooper has also warned pushing super funds to invest in national priority areas could artificially inflate the economy.
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