The Minister for Superannuation and Corporate Law, Senator Nick Sherry, has foreshadowed that he will soon be announcing details of the formal review of superannuation costs.
Sherry has used an address to an Association of Superannuation Funds of Australia function in Canberra to flag that the Government is close to making an announcement.
Discussing superannuation, he said some important challenges lay ahead for the Australian superannuation system and the key issue for the Government was maintaining the safety, stability and efficiency of this system.
“While the Australian superannuation system is strong, stable and continues to deliver, there is still scope for improvement,” he said. “It’s high time we took a long, hard look at the operation, structure and cost of our superannuation industry.
“We need to consider these issues across all sectors of the industry — corporate, public sector, industry and retail, as well as the self-managed superannuation fund sector,” Sherry said. “Any examination should be conducted in a thorough, open, transparent and highly engaged manner. I will have more to say about this shortly.”
