Budget commitment to MySuper
The Government has used the Federal Budget to cement its commitment to the introduction of the MySuper regime.
The Budget papers reveal the Government is committing $26.2 million (including $2.1 million in capital) over four years to the Australian Prudential Regulation Authority (APRA) and $3.7 million over four years to the Australian Securities and Investments Commission to introduce a simple, low cost default superannuation product called MySuper.
It said the measure would be funded by an increase in the levy on APRA regulated superannuation funds.
At the same time, the Government said it would provide $14.6 million over two years to the Australian Taxation Office (ATO) to develop a business case and initial capital related expenditure to implement a mechanism for members to view superannuation accounts that have been reported to the ATO, and establish governance and project teams during consultation to undertake detailed design of ATO IT systems to support the SuperStream measures.
It said the Department of Finance and Deregulation would also receive $0.4 million over six years from 2010-11 to undertake a Gateway review of the project.
AUTHOR
Mike Taylor
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