The industry bodies have revealed concerns over the design of the reforms, which each believes should have been consulted on earlier, given the significance and volume of the provisions tabled.
In the wake of Victoria’s fourth lockdown, the small business organisation has called for sustained federal small business support, like New Zealand’s COVID-19 Resurgence Support Payment.
The intention of the superannuation performance test is to assess products trustees had control of the design and implementation of the investment strategy and the reasons to exclude single sector funds are not justified.
While Victoria’s $250 million business support package will offer welcomed reprieve to some businesses facing extreme uncertainty after the state entered its fourth lockdown last week, others think the package is light on detail, and is unlikely to cover the losses suffered.