Bill Shorten and Mathias Cormann in super war of words
A battle has broken out between the Government and the Coalition over superannuation reforms, with the Opposition spokesman on financial services, Senator Mathias Cormann, accusing Minister for Financial Services and Superannuation Bill Shorten of being "all talk and no action".
He said that despite Shorten having talked about making changes to ensure the comparability of different superannuation funds as far back as 2010, the minister had yet to take any action.
Cormann last week committed a future Coalition Government to having the Australian Prudential Regulation Authority provide data sufficient to allow people to compare superannuation funds, particularly with respect to default funds under modern awards.
However, Shorten responded that the Government had committed to a similar policy as early as 2010.
Cormann said that after more than four years of Labor Government, Australians remained unable to compare the performance of different superannuation funds on an "apples for apples" basis.
The Opposition spokesman said a future Coalition Government would ensure the implementation of a range of Cooper Review recommendations, including independent trustee directors on superannuation fund boards, an end to conflicts tied to multiple directorships, and the disclosure of trustee director remuneration.
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
