The Parliament must now push on with implementation of the previously announced Labor superannuation policy, says ASFA – the Voice of Super.
“We welcome the end of the uncertainty, with the decision by the Independent members of parliament to support Prime Minister Gillard,” ASFA chief executive Pauline Vamos says.
“This is the first opportunity we have ever had to have bi-partisan support for super. This will deliver certainty that Australians want when they put money away for their retirement.
“We urge an immediate implementation of several key aspects of public policy to address the retirement savings gap and increase the Superannuation Guarantee from nine to 12 percent. Super also needs its own ‘broadband’ and that’s immediate consultation on the implementation of many Cooper Review SuperStream provisions.
“ASFA has already shared its response to the parts of the Henry Report relating to super to both sides of politics and we look forward to advocating outcomes for the benefit of all Australians.
“As a not-for-profit, politically independent association, ASFA is committed to working with all sides of politics. It’s important for policy makers to remember that superannuation does more than provide for a dignified standard of living in retirement – it is vital to the health of the Australian economy. The super industry is the single largest institutional investor and research carried out for ASFA shows that it helped Australia avoid recession during the global financial crisis.
“Today’s decision by the independents to support a minority Labor Government provides an opportunity for it to finish the job.”
ASFA will continue to advocate its policy positions on:
- Enhanced retirement outcomes
- Informed and engaged members
- Industry efficiency gains
- Effective governance and regulation.
“The next 12 months will prove extremely important for the future of the Australian economy. ASFA will be redoubling efforts to make sure that our messages and policy positions are clearly heard by what is likely to be a very different parliament. Our advocacy approach has always been politically neutral, and supported by evidence-based policy, set in the best interest of the Australian people.”
The Association of Superannuation Funds of Australia (ASFA) is the peak industry body for the entire superannuation sector. It is the only industry body that represents all types of superannuation funds, service providers and fund members.
For further information, please contact:
Pauline Vamos, ASFA Chief Executive, 0433 169 342
Michelle Dunner, ASFA GM Marketing and Communications, 0412 704 016
Sarah O’Grady, ASFA Communications Co-ordinator, 0410 439 966