The accuracy of the content is not guaranteed. Please rely only on the authorised document. The Institute of Actuaries of Australia has expressed disappointment that the Government has failed in the Budget to encourage Australians to save for the long term. In the context of a strong economic environment, with low inflation, falling unemployment and solid economic growth, combined with major income tax cuts, the Government missed an ideal opportunity to introduce a long term saving framework. The President of the Institute, Dr David Knox, said that the health problems in rural and regional Australia are a sign of what's to come with an ageing population. "The Government has recognised the current pressure on health services in the bush, but the future financial consequences of our ageing population also need to be tackled now and dealt with in a comprehensive manner. Health, aged care, and retirement incomes are going to be big issues over the next few decades and the Government has an obligation to establish a sound framework and develop long term sustainable policies". The Institute commends the Government for tackling the hard issue of tax reform, including GST and business tax changes. However, tax reform is not yet finished. The Institute urges the Government to establish a review of the tax treatment of long term savings, including a review of the incredibly complex super tax system.
|
