Minister for Superannuation, Financial Services, and the Digital Economy, Jane Hume, believes her “amenable and positive” relationship with superannuation funds has not translated to some industry bodies.
Speaking at the Association of Superannuation Funds of Australia (ASFA) conference, Hume said this was the most surprising thing since being in her role as minister.
“Sometimes there’s a disconnect from what I heard from the funds and industry bodies. What I hear from chief executives and from boards and then there’s something completely different in newspapers – this is my greatest frustration,” she said.
“I would have hoped by having someone that had worked in the industry in all parts – retail and industry super funds, policy side, investment side, distribution side as well – it would help with that conversation to make this really important policy area less partisan. We’re not there yet but I’m optimistic and hopeful we’ll make some good progress.”
Hume said the number one policy she wanted to pass through Parliament was the Your Super Your Future legislation as she said this would make significant change.
“It will change the dynamic in which the system operates – it will make it more efficient and more transparent. It will provide competitive tensions to lower fees and improve investment performance and will also fulfil the Hayne Royal Commission recommendation with stapling one account that travels throughout a member’s working life,” she said.
“I’ve appreciated feedback on that so far and Treasury consultations, and we’re hoping to introduce that piece of legislation very soon indeed. A lot of those conversations in Treasury will get more oxygen but I think we’ll get there in the end. This is really good policy and very positive for the industry and most importantly deliver for the millions of Australians that rely on our compulsory system.”