Assistant Treasurer Stephen Jones says the Coalition’s election rout ended the careers of key critics of compulsory retirement savings, and there is now an opportunity to strike a treaty to end the superannuation wars.
Assistant Treasurer Stephen Jones is set to announce a review into the Coalition’s superannuation fund performance benchmarking and best financial interest duty, a move likely to raise the ire of the Coalition.
The review will also consider two elements of the so-called best financial interest duty imposed on superannuation trustees.The types of trustee spending covered by the duty will be looked at, and the reverse onus of proof that requires funds to prove spending is in members’ best interests will also be reviewed.
The spear carriers have left parliament, so there is now an opportunity to sign a treaty to end the super wars.Key critics of Australia’s compulsory superannuation system, including former Victorian MP Tim Wilson and former NSW MP Jason Falinski, lost their seats at the federal election. Mr Jones said it was an opportunity to reset.
In the first instance, he has committed to maintaining the current pathway to a 12 per cent superannuation guarantee,He previously has indicated the government would investigate boosting the superannuation guarantee to 15 per cent, but that would not happen in the current term of parliament.Mr Jones said he wanted to “bed in what we’ve got in place and look at the circumstances as we approach the end of this term for where we might go for some of those more aspirational things”.
On that, Mr Jones drew a clear line in the sand: “It’s not a magic pudding to be jumped into every time the government has a social policy problem,” he said.
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