The Australian Taxation Office (ATO) spent $16.56 million on a high profile television advertising campaign aimed at supporting the former Labor Government’s superannuation initiatives, including in the run-up to the last Federal Election.
The ATO has confirmed the expenditure in answers to questions on notice filed by Tasmanian Liberal Senator, David Bushby as part of the Senate Estimates process and has acknowledged that the advertising campaign was, ultimately, terminated by the current Coalition Government in November, last year.
The ATO said the total allocation to the television advertising campaign 'Super. Your money, your future’ campaign from 2011-12 to 2015-16 was $18.578 million, of which $16.56 million was spent.
“The remaining funding was removed from ATO appropriations as part of the Mid-Year Economic and Fiscal Outlook budget update in November 2013,” the ATO answer said.
The ATO’s answer confirmed that the campaign had been approved for launch by the former Minister for Financial Services and now leader of the Opposition, Bill Shorten, but only after it had been the subject of consideration by a specially formed “Super Reform Communication Cross Agency Working Group” entailing the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), Treasury and the Department of Human Services.
It said the campaign had also been scrutinized by an “Independent Communications Committee and Peer Review Group”.
The ATO’s answer revealed nine external consultants had been retained to work on the campaign including two public relations consultancies, and three advertising companies.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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