Almost half of Australians don't trust the government to change super policy in their interest, fresh eToro report says
Research from trading platform eToro showed 49 per cent of Australians lack trust in the government on super policy, with older Australians more likely to lack faith than younger generations.
This comes as Labor is expected to pass legislation on taxing superannuation accounts above $3m.
The government seeks to double the tax rate above the threshold to 30 per cent and will also target unrealised gains on assets despite only achieving increases on paper.
Robert Francis, the managing director of eToro Australia, said older Australians had become distrusting of the government on super policy amid "tinkering" over time.
'It's really older Australians, I think who have less faith in government and around super,' Mr Francis told SkyNews.com.au.
'Part of the reason is … there's been a lot of tinkering around superannuation. Whether it be tax changes, eligibility changes (or) some other retrospective changes that have occurred.
'Then, of course, you've had comments from Treasurer Chalmers who have suggested that maybe performance benchmarks should be looked at because superannuation funds aren't investing in infrastructure projects because (they're) illiquid assets.
'It's comments like that that causes some concern.'
The concern comes as Treasurer Jim Chalmers last year made changes to the $230b Future Fund to direct money into renewable energy, housing and infrastructure.
It sparked backlash from a wide variety of figures, including Peter Costello, the treasurer when the fund was established, who said it was 'never set up to be a political slush fund'.
David Murray, the Future Fund's inaugural chairman, said the government's shift veered away from the original intention and 'undoes all the work' which had been put into it since its inception.
'It was never the subject of politicisation of its investments,' Mr Murray told Sky News last year.
Mr Francis noted recent discussions the Treasurer had with major super funds where Mr Chalmers brought up the annual performance test that sets criteria for investments and ideas about where super funds can invest.
'I think that there isn't anyone saying 'we're gonna take that money and we're going to use it for these purposes', but certainly there's suggestions that maybe (the government) can help guide … it in a particular direction,' Mr Francis said.
'I think that's what's being kind of hinted at or suggested, whether or not anyone goes through with it.'
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