Nine of Australia’s peak industry bodies representing investment markets, superannuation funds and financial planners have come together to urge Australians to make good decisions about their super during the global financial crisis.

The bodies, collectively known as the Superannuation Stakeholder Group, have produced a joint communiqué which was published today - ‘superannuation in the context of the global financial crisis’, timed to coincide with millions of interim superannuation statements that funds will be sending to members in the next month.

“The investment market downturn of 2008 has personally affected most Australians who have seen the value of their superannuation or retirement balances decline. Some of these people will be considering their options,” the Group said.

“Decisions about superannuation can have a significant impact on retirement income and before people make any decision, it is important that they take time to understand how financial markets impact on returns over time.

“Over the coming weeks millions of superannuation statements will be sent to Australians and it is important that they review the performance of their superannuation in the context of their long-term objectives.

“For every market downturn there is a recovery. The question is how soon will the recovery happen, and what should superannuation fund members do (or not do) in the meantime? These issues are discussed in our communiqué which we hope will be of use to media and commentators at this time”.

The communiqué discusses the market crisis of 2008 and its effect on super, the broad consequences for Australians and the importance of considering super as a long term investment – which is true even for a 65 year old. It then gives super fund members some things to think about in terms of actions they should or should not be taking in response to the decline in their superannuation balances.

“It’s important to recognise the strength of the Australian superannuation industry, which is in a much better position than that of many other countries,” the Group said.

“The strong regulatory framework in Australia, and the fact that trustees are in place for every superannuation fund to look after the interests of fund members, means that we expect funds and their members to be able to weather this storm and recover the value of our superannuation over time.”

Download: Superannuation in the context of the global financial crisis , prepared by the Superannuation Stakeholder Group

Notes to Editors:
‘Superannuation in the context of the global financial crisis’ is a joint communiqué prepared by the Superannuation Stakeholder Group on behalf of the following associations:

Association of Financial Advisors (AFA), Australian Institute of Superannuation Trustees (AIST), Association of Superannuation Funds of Australia (ASFA), Australian Securities Exchange (ASX), CPA Australia, Financial Planning Association (FPA), Industry Super Network (ISN) and Investment & Financial Services Association (IFSA).

The communiqué was developed in order to provide context to the issue for media and commentators at this time. The communiqué will not be sent directly to investors. A copy of the communiqué can be obtained from the websites of all participating associations.

For media comment please contact all or any of the following:

Superannuation Stakeholder Group spokesperson:

Pauline Vamos, 0433 169 342

Superannuation Stakeholder Group contacts:

AFA – Richard Klipin, 02 9267 4003
AIST – Fiona Reynolds, 03 8677 3805
ASFA – Pauline Vamos, 0433 169 342
ASX – Matthew Gibbs, 02 9227 0218
CPA Australia – Adam Blight, 03 9606 9697
FPA – Daniela De Lucia, 02 9904 4333
IFF – Helen Hewett, 0417341235
ISN – Phil Davey, 0414 867 188
IFSA – Emma Grainge, 02 8235 2517016.