Further debate over Australia’s superannuation system is set to take place this year, following the announcement by the Federal Government of its intention to host a ‘Superannuation Roundtable’.
In a joint release from Treasurer Wayne Swan and Minister for Financial Services and Superannuation Bill Shorten, the Government said it would use the Roundtable to consider ideas raised at last year’s Tax Forum, including ways to improve certain super concessions.
Minister Shorten will chair the Roundtable, which he says will build on superannuation reforms already outlined by the Government (including the MySuper Bill which is currently before the Parliamentary Joint Committee for Corporations and Financial Services).
The financial advice sector will be represented at the Roundtable by:
- John Brogden, CEO, Financial Services Council
- Mark Rantall, CEO, Financial Planning Association
- Andrea Slattery, CEO, SMSF Professionals’ Association of Australia
In response to the announcement, Shadow Minister Senator Mathias Cormann said Australians did not want further ‘fiddling’ with their superannuation.
“Before setting up yet another review the Minister for Reviews and Roundtables Bill Shorten should implement the many outstanding recommendations of the Cooper and Ripoll Inquiries.
“In particular, it is high time Labor implemented the Cooper Review recommendations to improve transparency and corporate governance standards in superannuation,” Senator Cormann said.
