ASFA welcomes Coalition Government

The Association of Superannuation Funds of Australia (ASFA) congratulates the Abbott Government on its election victory.

“We look forward to engaging with the new Ministerial team on the future design of a sustainable system, the role of the pool in the economy and the issues facing the superannuation industry in relation to regulatory implementation.”

Ms Vamos says the most immediate challenge facing the industry is the implementation of superannuation reforms including Stronger Super and MySuper.

“The timing of the election left many issues regarding the implementation of superannuation reforms unresolved. Ultimately it is in fund members’ best interests that implementation costs are minimised and that risks are managed in a prudent manner.”

ASFA also welcomed the promise of a whole of Financial System Inquiry.

“There have been major changes to Australia’s economy, society and financial structures in the 15 years since the Wallis Inquiry. We are in a new digital and global economic environment so it’s time once again to look at the financial system in its entirety. In particular, when it comes to superannuation, we need to look at how the system can be adjusted to accommodate the ageing population and very different individual consumer expectations, as well as continuing to drive strength in the economy, including investment in assets such as infrastructure.

“We look forward to receiving the terms of reference and participating in the Inquiry process,” says Ms Vamos.

For further information, please contact:

Lisa Chikarovski, Media Manager, 0451 949 300

About ASFA

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation whose aim is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.