Shorten commits to more consultation

superannuation-funds/federal-government/superannuation-industry/assistant-treasurer/mysuper/financial-services-council/

1 November 2010
| By Mike Taylor |
image
image
expand image

The Federal Government has committed to undertaking further industry consultation around the proposed July 2013 implementation of the MySuper default superannuation option to make sure it works.

The Assistant Treasurer and Minister for Financial Services, Bill Shorten, gave the undertaking during an address to a Financial Services Council luncheon in Sydney on Friday at the same time as insisting that, while MySuper would replace existing default products, it would not be compulsory.

Shorten also made clear that the Government would be doing what it could to encourage Australia’s superannuation funds to invest in the nation’s infrastructure.

He said the Government was interested in “stimulating a targeted conversation between the superannuation industry and Government and private sector players who are looking to develop infrastructure assets”.

“We should see whether there are expectation gaps or other impediments which might be addressed,” Shorten said.

The Minister insisted that the Government was not seeking to force the hand of the superannuation funds with respect to infrastructure, saying that the funds could do what they liked.

“Superannuation can do what it likes, and should not be forced into Government-friendly projects,” he said. “It has a free hand.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 2 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks 1 day ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 2 days ago

TOP PERFORMING FUNDS