Morrison says industry fund performance is no “leave pass”
The Federal Treasurer, Scott Morrison, has sent a clear message to the industry funds sector that the past performance of their funds does not allow them the privilege of not adopting improved governance standards.
Addressing the Association of Superannuation Funds of Australia (ASFA) annual conference in Brisbane, Morrison said the Government did not doubt or quibble about the investment performance of industry funds but said this performance did not represent a leave pass with respect to improved fund governance arrangements.
He said he believed superannuation was far too important to be "a free lunch for vested interests in this country".
Morris said it needed to be remembered that superannuation was about the superannuation.
The Treasurer also reinforced the Governmebt's view that superannuation had to increasingly supplant the Age Pension by allowing increasing numbers of people to be independent in retirement.
"Becoming a self-funded retiree is one of the most important objectives," he said.
"The prize of independence in retirement is a prize worth aspiring to."
Morrison made clear the Government was open to a range of changes to the super regime including changes to contribution caps for those encountering disadvantage and the level of tax concessions.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.