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On 14 May, BlueChip attended the FSC Post Budget Breakfast, where Parliamentary Secretary to the Treasurer, the Hon Steven Ciobo MP, outlined to an audience of financial services bods the Government’s key fiscal initiatives for 2014/2015 and beyond. All ears were keenly attuned for news affecting our sector.
This included the generally welcome changes to the non-concessional cap for superannuation, which ensures contributors are not penalised for making additional contributions. According to Mr Ciobo this is intended to encourage Australians to save more for their futures. More good news on the superannuation front was the government’s pledge to continue increasing the Super Guarantee Charge to 12% (albeit with a longer timeline – a year later than previously proposed).
Not faring so well was ASIC, with funding cuts to the regulatory body forcing the financial services industry to increase self-regulation. While this might make some in the industry (and indeed elsewhere) nervous, Mr Ciobo said the saving of $120 million to tax payers over five years justified the funding cut.
