The Federal Government has signaled it believes lifting the Superannuation Guarantee to 12 per cent represents a significant step in closing the retirement incomes shortfall revealed in a Financial Services Council (FSC) report presented to a Superannuation Roundtable on Friday.
The FSC report revealed the retirement incomes shortfall amounted to more than $1 trillion, but the Minister for Financial Services and Superannuation, Bill Shorten, simply noted that the report had "demonstrated that the Government's action to increase the Superannuation Guarantee to 12 per cent has significantly reduced Australia's retirement savings shortfall".
The FSC report had noted the lifting of the Superannuation Guarantee to 12 per cent, but suggested a number of other policy responses would be warranted.
Dealing with questions raised by the Association of Superannuation Funds of Australia (ASFA) around transition to retirement arrangements, Shorten said ASFA had been requested to do more research on how such arrangements were utilised.
The central outcome of the Superannuation Roundtable appeared to be the better promotion of the fact that a superannuation clearing house to assist small businesses in Australia house was established nearly two years ago.