AIST calls for bipartisan support for higher SG

The Australian Institute of Superannuation Trustees (AIST) has called for a bipartisan approach to superannuation reform and the lifting of the superannuation guarantee in the wake of the Coalition naming its shadow cabinet.

The chief executive of the AIST, Fiona Reynolds welcomed the naming of Senator Mathias Cormann as the new shadow Assistant Treasurer and Shadow Minister for Financial Services and Superannuation and said she looked forward to working with Cormann in a positive way to implement the recommendations of the Cooper, Henry and Ripoll reviews.

“We are looking for a bipartisan approach as we tackle the challenges of an ageing population and improving national savings,” Reynolds said. “In particular, we are seeking a commitment from the new Shadow Minister for the Coalition to support the proposed increase in the superannuation guarantee phased in over the remainder of this decade.”

She said it was AIST’s view that the combined effects of an increase in the superannuation guarantee to 12 per cent, coupled with the implementation of a number of reforms to improve efficiency and streamline the operations of the super system would significantly improve retirement outcomes.

“In addition, we hope Senator Cormann will recognize the broad based support in both the community and the financial services sector for structural change in the provision of financial advice, particularly around commission based remuneration practices,” Reynolds said.