The Government has been guilty of conducting a "superficial" consultation process with respect to defining the objective of superannuation, according to Industry Super Australia (ISA).
ISA has used a submission to the Senate Standing Committee on Economics reviewing the Government's legislation to argue that the proposed approach significantly misses the mark and ignores the broad view of the industry.
"The proposed objective before the committee does not enjoy widespread confidence and support," the ISA submission said.
"It is the result of a superficial consultation process in which the Government has failed to secure the ‘broad agreement' recommended by the Financial System Inquiry".
Further, the ISA submission claimed that the Government's approach had not responded to the many criticisms contained in the 100 submissions received by Treasury.
"Regrettably the minister has not engaged with or sought agreement on a proposed objective that enjoys broad industry and stakeholder support," it said.
The ISA's submission reflected an industry-wide view that the Government's proposed objective, to provide income to supplement the age pension, sets the bar too low.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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