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Full Cooper response by end of year
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| Bill Shorten
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Having committed to the implementation of both MySuper and SuperStream, the Federal Government has indicated it will reveal what other elements of the Cooper Review it is prepared to adopt before the end of the year.
The Assistant Treasurer and Minister for Financial Services, Bill Shorten, earlier this week told the Parliament the Government would be looking to introduce MySuper from 1 July, 2013, with the probably earlier introduction of Superstream.
However, he also acknowledged the other recommendations flowing from the Cooper Review and said the Government would be indicating its position before the end of this year.
“The final report of the Cooper Review was released on 5 July, 2010, and outlines 177 recommendations, including the MySuper and SuperStream proposals, which I have outlined,” Shorten said. “We will respond to the remainder of the review’s recommendations by the end of 2010.”
However, the Government appears certain to run into challenges in getting the necessary legislation through the Parliament to drive its changes, with the Federal Opposition’s Financial Services Spokesman, Senator Mathias Cormann, questioning the broad policy agenda.
Cormann not only questioned the reasoning for lifting the superannuation guarantee to 12 per cent but also challenged the validity of award-based default fund arrangements.
“Why is the Minister not prepared to do what needs to be done to ensure competition among default super funds under modern awards delivers the best possible value to superannuants?” Cormann asked.
AUTHOR
Mike Taylor
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