Labor has tabled a dissenting report on the Senate Inquiry into the government’s proposed objective of superannuation and is calling on the minister to go back to the drawing board and properly consult with the sector.
Labor supports the recommendation of the Murray Financial System Inquiry to legislate an objective of superannuation but it is crucial that we do it properly and achieve an objective with broad political and stakeholder support.
The recent Senate Committee Inquiry has shown that there is overwhelming opposition to the government’s current proposed objective.
Key stakeholders including the Australian Institute of Superannuation Trustees, Industry Super Australia, the Financial Services Council, the Institute of Public Affairs and the Association of Superannuation Funds of Australia criticised the government’s lack of consultation during the inquiry and raised concerns with the objective as it is currently proposed.
The minister needs to withdraw this Bill, undertake genuine and detailed consultation with the industry stakeholders and work constructively with Labor to satisfy the FSI recommendation to reach broad political agreement for the objective.
Labor supports legislating an objective for super and we are ready to work constructively with the government to achieve this goal.
WEDNESDAY, 15 FEBRUARY 2017
Senator Katy Gallagher is Labor's Shadow Minister for Small Business and Financial Services.