The peak body for the superannuation industry today welcomed the continuation of Bill Shorten as Minister for Superannuation and the elevation of superannuation to Cabinet.
Chief executive officer for the Association of Superannuation Funds of Australia (ASFA), Pauline Vamos, said that the announcement provided necessary certainty and continuity for the industry amidst a significant period of reform.
It also made an important connection between employment, workplace relations and superannuation.
"We are pleased to see Minister Shorten stay on deck to oversee the implementation of the Stronger Super reforms, and help drive through the increase in the Superannuation Guarantee from nine to 12 per cent.
"The key issue for superannuation fund members and for the superannuation industry is certainty.
"Minister Shorten will also bring an important new dimension to the portfolio of Workplace Relations.
"He is well aware of the changing nature of the workplace and the significant number of Australians who are missing out on superannuation as a result of their employment arrangements.
"The pressures of an ageing population will require the Government to recognise the role older workers can play in productivity and Minister Shorten is well aware of these demographic changes," said Ms Vamos.
ASFA also acknowledged the significant contribution to superannuation policy and reforms by the outgoing Small Business Minister, Nick Sherry.
"Nick Sherry has had a long-standing commitment to superannuation, both as an Opposition spokesperson and as a Government Minister.
"We commend him for the vision he brought to the table for a regulatory framework that would allow the superannuation system room and opportunity to meet the emerging economic and demographic challenges."
For media inquiries, please contact:
Pauline Vamos, CEO, 0433 169 342
Rebecca Glenn, GM Marketing and Communications, 0416 170 439
Megan McDougall, Media and Communications Coordinator, (02) 8079 0849
About ASFA - the voice of super
The Association of Superannuation Funds of Australia is the peak industry body representing the superannuation and retirement industry. Its members represent over 90 per cent of the approximately 12 million Australians with superannuation. ASFA members manage or advise on the bulk of the $1.3 trillion in superannuation assets as at September 2011. ASFA is the only organisation that represents all types of superannuation funds (retail, industry, corporate and public sector) and associated service providers.