Access all areas for financial services modellers

The Federal Opposition has declared that it will give financial services researchers greater access to Commonwealth research to help develop strategies aimed at overcoming the retirement savings gap.

The Opposition spokesman on Financial Services, Senator Nick Sherry, pointed to inconsistencies between the analyses of private sector researchers such as the Allen Consulting Group and Access Economics on the extent of the retirement savings gap in Australia.

Labor welcomed the release today of the report Australian National Saving Revisited produced by the Allen Consulting Group for the Investment and Financial Services Association (IFSA).

Sherry said these inconsistencies could be overcome if there was greater sharing of the available data but that the Government refused to allow access to the Treasury Retirement and Income Modelling Unit by any private sector modelling group.

“Labor will allow access in the interests of ensuring an open and public debate about the appropriate level of savings for retirement,” he said.

“Further a Labor Government will ensure that detailed data of employer contributions (SG and other), salary sacrifice (treated as employer, however, effectively employee) and after tax contributions which is not currently published by the regulator, the Australian Prudential Regulation Authority, is also made public.”