Superannuation law reform
We are still working with Treasury and our stakeholders to implement final reforms from the Governments Stronger Super program, principally Choice product dashboard and portfolio holdings disclosure. Updates on the progress of implementation on these reforms will be available on this site.
Financial Systems Inquiry (FSI)
In December 2013 the Government appointed a Committee charged with examining how the financial system could be positioned to best meet Australia’s evolving needs and support Australia’s economic growth. The outcome was recommendations that foster an efficient, competitive and flexible financial system, consistent with financial stability, prudence, public confidence and capacity to meet the needs of users.
Some of the FSI recommendations (supported by the Government) impact on superannuation. Read the Governments full response to the FSI - Improving Australia’s financial system: Government response to the Financial System Inquiry. The superannuation measures are summarised on page 5 of the Report.
ASIC made two submissions to the FSI addressing a range of topics.
Key FSI recommendations regarding superannuation
'Objective of Super'
The Government announced that it would develop legislation to enshrine the objective of superannuation, and released a discussion paper (‘Objective of superannuation’) in March 2016 providing background and questions for consultation on the proposed objective of the superannuation system. Submissions are now closed.
ASIC made a submission on the objectives of superannuation.
Productivity Commission Review
In addition, the Productivity Commission has released its draft report on the review of the efficiency and competitiveness of the superannuation system.