The Association of Superannuation Funds of Australia (ASFA) has abandoned its call for the Government to conduct a wholesale review of super and will instead focus on achieving “bite-sized goals” in the short and medium-term.
ASFA CEO Philippa Smith says the shift in strategy comes ahead of a very significant year for super, with the focus now on issues like the safety of super, the Senate review of adequacy and the Government’s pre-election promises.
Smith says over the years, ASFA has researched, represented and articulated the views of the industry, achieving success on many policy fronts like divorce and super, GST and the Financial Services Reform (FSR) Act, but ASFA is also “failing to win some of the bigger picture fronts” like tax on super and adequacy.
She notes that ASFA had helped to move the debate forward during the 18 months prior to the election with its successful Super Tax Slug TV adverts, increased media exposure and the use of professional lobbyists in Canberra, but now a new strategy is needed.
“We are building on the awareness created by our campaign last year, and now want to develop some options,” Smith says.
Some of the issues on ASFA’s agenda include broadening the Government’s co-contribution scheme and increasing the effectiveness of super cover to more of the self-employed and those in casual, contract or intermittent work.
ASFA will also focus on maintaining confidence in the super system and on creating more flexible retirement options for those wishing to work beyond the age of 65.
