AFA News 26 November 2020. On Friday 20 November 2020, the Treasurer, the Hon Josh Frydenberg MP released the long-awaited Retirement Income Review final report. The report was finalised in July this year, however the Treasurer only released this last week.
The Treasurer concluded that the review confirms that “the Australian retirement income system is effective; sound and its costs are broadly sustainable.” The Report, which is over 600 pages long, raises a number of issues that will generate a lot of debate, including the appropriateness of further increases in the SGC rate and the role of property in retirement incomes.
Please click here to read the Treasurer media release. It is not evident from the media release, that the Government intends to take any immediate action in response to the report, however, and change to the schedule of the SGC increases is unlikely to emerge until the 2021 budget, which would be expected to be released in May 2021.
Issued 26.11.2020. AFA Policy & Education Update