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Post election calls for reform implementation
With Labor having formed a minority Government, it is now time for Parliament to push ahead with key aspects of Labor’s previously announced superannuation reform, according to two key industry bodies.
An increase in the superannuation guarantee to 12 per cent and Jeremy Cooper’s Superstream reforms were the most pressing issues, according to the Association of Superannuation Funds of Australia (ASFA) and the Financial Services Council (FSC).
“This is the first opportunity we have ever had to have bipartisan support for super. This will deliver the certainty that Australians want when they put money away for their retirement,” said ASFA chief executive Pauline Vamos.
“[Tuesday’s] decision by the independents to support a minority Labor Government provides an opportunity for it to finish the job.”
FSC chief executive John Brogden said it was too early to say what impact the new Government would have on the financial services industry or how much of the existing reform agenda would be implemented, with the Gillard Government required to now work out which issues to try to push through a very different parliamentary landscape.
Of overall importance was for the reform agenda to be implemented, and for the industry to embrace the proposed changes in order to encourage a higher level of trust between the industry and the Australian public, Brogden said.
AUTHOR
Mike Taylor
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