The Federal Government has elevated superannuation to sit squarely within the portfolio responsibilities of the Treasurer, Scott Morrison.
The Minister for Revenue and Financial Services, Kelly O'Dwyer, has told the Financial Services Council (FSC) Leaders Summit that superannuation was something that she would be dealing with in consultation with the Treasurer, unlike financial planning and life insurance-related issues, which remained a part of her portfolio responsibilities.
In her first address to a financial services forum since the Federal Election, O'Dwyer also reinforced the Government's determination to press ahead with legislation defining the purpose of superannuation as being to supplement or substitute the Age Pension.
She said work was underway on an exposure draft which would be released soon.
O'Dwyer's speech also reflected some of the agenda of the FSC, and she undertook that the Government would be reintroducing the superannuation bills which had lapsed as a result of the proroguing of the Parliament in May.
She said the Government would also be moving on superannuation fund governance issues in circumstances where superannuation funds were currently being held to lesser governance standards than those required of insurance companies and banks.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
Brighter Super is considerably scaling down the investment options it offers members in order to reduce costs.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
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