David Bushby (Tasmania, Liberal Party) Share this | Link to this | Hansard source

asked the Minister representing the Minister for Financial Services and Superannuation, upon notice, on 24 August 2012:

(1) With reference to the Australian Bureau of Statistics superannuation data for the 2011 December quarter, can an explanation be provided as to why contributions fell by 2.5 per cent, despite positive economic growth.

(2) What changes have occurred in consumer behaviour regarding salary sacrifice contributions following the decisions to substantially lower maximum superannuation contribution limits and to introduce a modified superannuation surcharge, and:

(a) how will this impact on the growth of national superannuation assets;

(b) is this trend likely to continue in coming quarters; and

(c) what are the anticipated impacts on Government superannuation tax collection.

(3) Can a list be provided of the bills relating to the provision of financial advice and/or superannuation that are currently before the Parliament, or are likely to be introduced during 2012.

(4) Is there a crisis of confidence in superannuation as a result of excessive legislative intervention or the withdrawal of taxation incentives; if so, what measures are being taken to revitalise confidence in superannuation as the principal long term savings vehicle.

(5) What interactions have taken place between the department, the Australian Taxation Office and industry groups, such as the Australian Institution of Superannuation Trustees, the Association of Superannuation Funds Australia, the Financial Services Council, the Financial Planning Association of Australia, Association of Financial Advisors and the SMSF Professionals' Association of Australia Limited, to counter the prospect of flagging superannuation contributions.

(6) Can the Minister confirm that there will be no additional adverse tax measures in the 2013 14 Budget, and that there are no existing projects of this kind.

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

The Minster for Financial Services and Superannuation has provided the following answer to the honourable senator's question:

Please refer to the answers provided in BET 294-301 as these questions are materially the same.