The Federal Government has elevated superannuation to sit squarely within the portfolio responsibilities of the Treasurer, Scott Morrison.
The Minister for Revenue and Financial Services, Kelly O'Dwyer, has told the Financial Services Council (FSC) Leaders Summit that superannuation was something that she would be dealing with in consultation with the Treasurer, unlike financial planning and life insurance-related issues, which remained a part of her portfolio responsibilities.
In her first address to a financial services forum since the Federal Election, O'Dwyer also reinforced the Government's determination to press ahead with legislation defining the purpose of superannuation as being to supplement or substitute the Age Pension.
She said work was underway on an exposure draft which would be released soon.
O'Dwyer's speech also reflected some of the agenda of the FSC, and she undertook that the Government would be reintroducing the superannuation bills which had lapsed as a result of the proroguing of the Parliament in May.
She said the Government would also be moving on superannuation fund governance issues in circumstances where superannuation funds were currently being held to lesser governance standards than those required of insurance companies and banks.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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