O’Dwyer signals restart of super legislative process

The Federal Government has elevated superannuation to sit squarely within the portfolio responsibilities of the Treasurer, Scott Morrison.

The Minister for Revenue and Financial Services, Kelly O'Dwyer, has told the Financial Services Council (FSC) Leaders Summit that superannuation was something that she would be dealing with in consultation with the Treasurer, unlike financial planning and life insurance-related issues, which remained a part of her portfolio responsibilities.

In her first address to a financial services forum since the Federal Election, O'Dwyer also reinforced the Government's determination to press ahead with legislation defining the purpose of superannuation as being to supplement or substitute the Age Pension.

She said work was underway on an exposure draft which would be released soon.

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O'Dwyer's speech also reflected some of the agenda of the FSC, and she undertook that the Government would be reintroducing the superannuation bills which had lapsed as a result of the proroguing of the Parliament in May.

She said the Government would also be moving on superannuation fund governance issues in circumstances where superannuation funds were currently being held to lesser governance standards than those required of insurance companies and banks.