ISA insists scrutiny of early release is justified

Just a day out from appearing before a key Parliamentary committee, Industry Super Australia (ISA) defended its right to conduct analysis of the Government’s hardship early release superannuation scheme. 

In a written response to questions raised by the House of Representatives Standing Committee on Economics, ISA chief executive, Bernie Deane defended his organisation’s approach to the early release scheme stating that is scrutiny was justified. 

“ISA and other industry bodies have engaged in constant dialogue with the regulators and key government agencies to ensure the smooth running of this scheme – contributing constructive solutions on how to mitigate fraud and other potential risks associated with this scheme,” the ISA’s written response said. 

“Prudent and considered analysis of the scheme is not only reasonable but a necessary part of making it workable given the magnitude of the 30-year bipartisan policy shift it represents,” the ISA said. 

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“This work has helped smooth the administrative effects and prepared funds so Australians in financial distress can access their super as quickly as possible. As we’ve previously said, we want this scheme to work as intended, and we also want members and the economy to be able to recover quickly out the other side, and that will require no more policy shocks,” it said. 

Elsewhere in its written response, ISA defended the calculations it had used to indicate the long-run impact of people accessing superannuation early release and noted that suggestions by a senior Treasury official that ISA had used flawed methodology had subsequently be acknowledged as being wrong.