AUSTRALIA - The government has launched an inquiry into the barriers and incentives to superannuation savings for people under 40 in response to concern that young people are not saving enough for retirement.
The inquiry, being conducted by the House of Representatives economics committee, follows a request from Mal Brough, assistant treasurer and minister for revenue.
Commenting on the inquiry, Bruce Baird (pictured), committee chair, said: “This inquiry is very important as it focuses on the formative years of superannuation savings, rather than savings in the later working years.
“We need to better understand both the current incentives and disincentives to contribute to superannuation for the under 40s. It is important that this age group views superannuation savings as a necessary and positive way to fund their retirement income and future lifestyle choices.”
The committee’s inquiry will focus on barriers and incentives to making voluntary super contributions and improving awareness of the importance of saving early.
The committee expects to report to parliament by late 2006. Deadline for submissions is July 22.
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