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Bill Shorten fails on superannuation transparency: Mathias Cormann
Minister for Financial Services and Superannuation Bill Shorten is "all talk and no action" when it comes to the comparability of default funds, according to Shadow Minister for Financial Services and Superannuation Mathias Cormann.
Shorten has been "talking about making changes to ensure the performance of different superannuation funds is comparable as far back as 2010", but has failed to take any action, said Cormann.
Cormann last week committed a future Coalition government to having the Australian Prudential Regulation Authority provide data sufficient to allow people to compare superannuation funds, particularly with respect to default funds under modern awards.
However, Shorten responded that the Government had committed to a similar policy as early as 2010.
Cormann said that after more than four years of Labor government, Australians remained unable to compare the performance of different superannuation funds on an "apples for apples" basis.
The Opposition spokesman said a future Coalition government would ensure the implementation of a range of Cooper Review recommendations, including independent trustee directors on superannuation fund boards, an end to conflicts tied to multiple directorships and the disclosure of trustee director remuneration.
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