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Labor’s housing spokesman says allowing young people to use their super to buy a home would drive up house prices, but scrapping stamp duty could help.
At the core of the opposition to the Government’s approach is the suggestion that the draft legislation and the insertion of the word ‘financial’ into best interests effectively reverses legal burden of proof for superannuation fund trustees. Law Council of Australia representative, Natalie Cambrell said the LCA actually rejected the view that the best interests duty was in need of clearer articulation, particularly by legislation. “Both the proposal to add the word ‘financial’ to the existing best interests covenant and the proposal to reverse the evidential burden of proof are n...
While the Morrison government’s super reforms might not be perfect, the industry still needs a shake-up, according to the Grattan Institute’s Brendan Coates.