The Association of Superannuation Funds of Australia (ASFA) has released a six-step plan to drive industry-wide productivity gains in superannuation, as the impact of COVID-19 continues to disrupt Australia’s financial and economic conditions.
ASFA CEO Dr Martin Fahy, said: “Superannuation funds continue to deliver necessary services to members, have successfully implemented the Government’s early release initiative and continue to support the Australian economy in these troubled times through the deployment of patient and responsible capital.
“However, in light of the current economic challenges, there is a clear need to develop solutions to challenges that will be present in a post-COVID world. This includes creating productivity gains by cutting red tape to reduce the cost burden on industries and the economy.”
ASFA has worked closely with its members to establish a six-step plan to improve post-COVID-19 productivity and efficiency:
- change default communication medium from paper to electronic
- make advice more accessible for members
- centralise data reporting
- address issues related to superannuation fund mergers
- make it easier for members to make a contribution and to claim a tax deduction
- ensure greater stability in policy settings.
“Greater policy stability could be achieved by linking significant policy changes in superannuation to the publication of the Federal Government’s five yearly Intergeneration Report,” Dr Fahy said.
ASFA has engaged with the Treasury and Government in progressing these ideas and will continue to advocate for these changes to achieve a more efficient system for all Australians.
Read about ASFA’s proposed productivity changes here.
For further information, please contact:
Jacqui Maddock, 0451 949 300.
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. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.