The government's response to the Henry review has been praised by a number of Australia's peak financial services bodies, though one association claims the outcomes show little commitment to serious reform.
Amid a glowing report card, the Institute of Chartered Accountants in Australia (ICAA) has said the government's response to the review is merely a timid first step.
"While Dr Henry has delivered on what was asked of him, the government has only addressed a handful of the review's 138 recommendations," ICAA tax counsel Yasser El-Ansary said.
"The government's initial response today [Sunday 2 May] could be mistaken for a series of budget announcements rather than a more strategic outlook for serious tax reform in Australia."
El-Ansary said the government has more work to do, singling out its proposed increase in the superannuation guarantee (SG) from 9 per cent to 12 per cent by 2019 as an example.
"The ageing of Australia's population should serve as motivation to lift the guarantee rate more quickly than what has been proposed," he said.
The ICAA's comments come in stark contrast to those of fellow industry associations.
The Australian Institute of Superannuation Trustees chief Fiona Reynolds has declared the government's response as a significant victory for Australians.
The average Australian could be as much as $100,000 better off in retirement following the government's decision to increase the SG to 12 per cent, Reynolds said.
"This is the one rate rise we had to have and one that every Australian should applaud. It's a Gold Logie performance by Henry and the government," she said.
The Association of Superannuation Funds of Australia chief executive Pauline Vamos said the government's outcomes reconfirm the role of superannuation in personal and national savings.
"This government has recognised that we have an ageing population who have an expectation that they will retire with dignity," Vamos said.
"The uncertainty that prevailed while the Henry review was underway and while it was being considered has now come to an end and the government has reconfirmed the central role of superannuation in personal and national savings."
Investment and Financial Services Association chief John Brogden said the government was right to disagree with the tax review's recommendation that 9 per cent is adequate.
FPA acting chief Deen Sanders said the government's announcements were to be congratulated.
"Encouraging more people into super and effective savings is a strong way to ensure a brighter long-term financial future and we support the government's thinking in this area," Sanders said.
