Australia needs to move towards a superannuation system in which fees and charges are more competitive by world standards, according to the Minister for Superannuation and Corporate Law, Senator Nick Sherry.

After nearly a month of media coverage and commentary regarding a Federal Government review of the costs associated with superannuation, Sherry used an address to an Adelaide financial services symposium to refer to the range of business and remuneration models operating across the superannuation industry.

“It’s high time we took a long, hard look at the operation, structure and cost of our superannuation industry,” Sherry said. “I would like to see Australia move towards a superannuation system in which fees and charges are competitive by world standards.”