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With a Federal Election having been called for 21 August and with the Government consequently in caretaker mode, the proposed changes flowing from the Cooper Review have been effectively placed on hold.
The Minister for Financial Services, Chris Bowen, released the Cooper recommendations more than a week before the Prime Minister, Julia Gillard, called the election. This meant that the relevant departments did not have time to put the relevant consultative processes into place.
Beyond the Government’s plans to lift the superannuation guarantee to 12 per cent on the back of its proposed resources rent tax, financial services issues are not expected to rate a big mention during the election campaign.
The Treasurer, Wayne Swan, on Saturday made reference to delivery of the 12 per cent superannuation guarantee in the context of the resource rent tax being applied to the mining industry.
