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.
