A committee established by the Minister for Financial Services, Bill Shorten, as a forerunner to the establishment of a Council of Superannuation Custodians will not survive a change of Government at the forthcoming Federal Election.
The shadow Assistant Treasurer, Senator Mathias Cormann, has told Money Management that if the Coalition were to win Government at the scheduled 14 September poll it would not keep the committee.
Shorten yesterday announced the formation of the committee, declaring it to be "charter group" to oversee a "‘Charter of Superannuation Adequacy and Sustainability".
However, Cormann said the minister had "established a Committee to advise him on the establishment of another committee to stop future governments from doing the bad things Labor has done to superannuation taxation over the past five years".
The minister said the charter group would be made up of former Federal Court judge Alan Goldberg; the deputy chairman of the Australian Prudential Regulation Authority, Ross Jones; former Cooper Review chairman Jeremy Cooper; former AustralianSuper chair Elana Rubin; and former MLC planning boss Steve Tucker.
The minister said the Charter Group would be seeking input on the establishment of a Council of Superannuation Custodians which would, in turn, "act as an impartial, expert superannuation body which protects the integrity of the scheme and ensure the policy settings are consistent with the core objects, values and principles".
