Council of Super Guardians still-born
The so-called Council of Super Guardians announced by the former Labor Government will never be formed.
The body, announced by the former Minister for Financial Services and now Federal Opposition leader, Bill Shorten, was among the unlegislated initiatives to be scrapped alongside the tax on superannuation pension fund earnings over $100,000 a year.
The council of guardians has been abolished despite the former Government having expended money on a so-called charter group chaired by Challenger executive Jeremy Cooper and made up of former Australian Prudential Regulation Authority deputy chairman Ross Jones, former MLC boss Steve Tucker, superannuation executive Elana Rubin and businessman Alan Goldberg.
The charter group was intended to define the make-up and outline of the Council of Super Guardians and handed its report to the former Treasurer, Chris Bowen, in July.
That report confirmed the need for establishment of the panel, but suggested that any appointments should be on a "personal basis" rather than on a "representative basis" because of the level of conflicts in the sector.
The Coalition made clear at the time of Shorten's announcement of the Council of Super Guardians that it would not be proceeding with the proposal.
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