Shorten defends ground on super comparability
Minister for Financial Services Bill Shorten has hit back at the Federal Opposition's commitment this week to providing comparability between superannuation funds, saying it represents an endorsement of government policy announced in 2010.
Commenting on a statement by Opposition spokesman on Financial Services Senator Mathias Cormann that the Coalition would work with the industry and regulators to develop industry-wide standard definitions and performance benchmarks, Shorten said the Government had committed to the same outcome in December 2010.
"We are delighted to see that 489 days later Senator Cormann has offered his belated support to our measure to make superannuation more efficient, transparent and competitive," Shorten said.
Senator Comann's statement was issued in the context of the current Productivity Commission inquiry into default funds under modern awards.
He said comparability was required to allow all MySuper funds to be eligible for selection as default funds without the involvement of unions or Fair Work Australia.
Submissions filed with the Productivity Commission have revealed a divide between those representing industry funds and those representing default funds on the question of the advent of MySuper making the involvement of Fair Work Australia obsolete.
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