Shorten commits to more consultation

The Federal Government has committed to undertaking further industry consultation around the proposed July 2013 implementation of the MySuper default superannuation option to make sure it works.

The Assistant Treasurer and Minister for Financial Services, Bill Shorten, gave the undertaking during an address to a Financial Services Council luncheon in Sydney on Friday at the same time as insisting that, while MySuper would replace existing default products, it would not be compulsory.

Shorten also made clear that the Government would be doing what it could to encourage Australia’s superannuation funds to invest in the nation’s infrastructure.

He said the Government was interested in “stimulating a targeted conversation between the superannuation industry and Government and private sector players who are looking to develop infrastructure assets”.

“We should see whether there are expectation gaps or other impediments which might be addressed,” Shorten said.

The Minister insisted that the Government was not seeking to force the hand of the superannuation funds with respect to infrastructure, saying that the funds could do what they liked.

“Superannuation can do what it likes, and should not be forced into Government-friendly projects,” he said. “It has a free hand.”