Federal election promises 'sweeteners' for savers

The conclusion of the federal election on Saturday (August 21st) will usher in a number of changes to Australians' personal finance options, it has been suggested.

Anthony Keane of News Limited noted that while investors, superannuation fund members, families and retirees have all been offered "sweeteners" in the past few weeks, "in most cases it's tinkering around the edges rather than any meaningful, visionary changes".

However, he commented that savers may be able to look forward to bigger "nest eggs" under Labor's pledge to implement a rise in the Superannuation Guarantee from nine per cent to 12 per cent over the next decade.

The Coalition, on the other hand, has opposed the SG rise, claiming it will hurt small businesses.

Mr Keane also referred to Labor's promise to create a low-cost, no-frills default super fund option for workers named MySuper, which would start in 2013.

"The Coalition's superannuation sweetener has been abolishing the age limit on superannuation contributions," he added.

Such policy shifts may interest Aussies looking to compare savings accounts in search of the best long-term options. According to ING Direct's latest Financial Wellbeing Index, Australians feel less comfortable with managing personal savings than any other aspect of household finances.

This article is brought to you by Mozo – Helping you compare savings accounts