Govt positions for new row with industry funds
The Federal Government is positioning for another confrontation with industry funds, vowing to reintroduce its choice of superannuation funds legislation which lapsed ahead of the last Federal Election.
The Minister for Revenue and Financial Services, Kelly O'Dwyer said the Government had every intention of renewing its pursuit of the legislation which faced stiff resistance from industry funds and the Australian Labor Party when it was introduced 2015.
The minister said that 12 years on from the introduction of choice of superannuation under former Coalition Federal Treasurer, Peter Costello, around two million people were still being denied choice.
"It is important to remind ourselves that 12 years on from the landmark introduction of choice in super, there are still around two million Australian employees without choice of fund because of their enterprise bargaining agreement arrangements or workplace determinations," she said.
O'Dwyer also suggested that the ALP's resistance to the choice of fund changes was driven by its allegiance to the industry funds movement. "¬perhaps unsurprisingly, the Labor Party is more interested in protecting some of these arrangements for industry funds than affording all those the right to choose their super fund," she said.
The minister said the Government estimated that the successful implementation of its choice legislation would allow around an extra one million workers to choose the fund that received their compulsory employer superannuation.
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