The FPA has responded to the former Treasurer's claims that financial planners are to blame for encouraging Australians to contribute more to their superannuation, under the Howard Government's Better Super initiative.
"Having an adequate, self-funded retirement income strategy for Australians has always had bi-partisan support," FPA deputy chief executive Deen Sanders said.
When the former Government removed tax on superannuation benefits over the age of 60, they made important inroads to achieving this objective, Sanders said.
"We are concerned that Mr Costello's comments seem to step back from this now, and at such a sensitive time," he said.
"Financial planners, in response to client needs and Government initiatives, will always assist their clients with strategies to improve their circumstances."
Obtaining financial advice and developing an ongoing relationship with a financial planner has helped many Australians to understand and ride out volatility in financial cycles, Sanders said.
"Superannuation is a long-term investment vehicle, and despite current performance it remains one of the most tax effective and high performing options for Australians to save for their retirement," he said.
"Those in positions of influence need to take a responsible approach to Australians' long-term financial health."
