He may have departed as Federal Treasurer, but Peter Costello will be pleased to know that he has left a substantial legacy with respect to superannuation.
According to the latest IUS/Super Review Super Outlook survey, Costello has had the most positive influence on superannuation in the past five years – a ranking that places him above some of the other heavy hitters in the industry, such as Garry Weaven and Philippa Smith.
According to the survey results, respondents ranked Costello as having had the most positive influence, achieving an index of 67.5, followed by former Association of Superannuation Funds of Australia chief executive Philippa Smith with an index of 64.5 and industry funds chief Garry Weaven with an index of 54.2.
The fourth-ranked person having a positive influence was the chief executive of the Investment and Financial Services Association, Richard Gilbert, while the newly-appointed chief executive of ASFA, Pauline Vamos, rated an index of 29.
The high ranking of Smith probably reflects the fact that the survey was conducted during the ASFA national conference on the Gold Coast.
However, Costello’s ranking represents a distinct improvement over industry perceptions in previous years.
The survey did not ask respondents to rate the then Opposition Treasury spokesman, Wayne Swan, or the Labor spokesman on superannuation, Senator Nick Sherry.