Superannuation industry welcomes ministry

Sections of the superannuation industry have welcomed Prime Minister Anthony Albanese’s incoming ministry and have congratulated Stephen Jones on his appointment as assistant treasurer and minister for financial services.

Congratulating Jones, the Association of Superannuation Funds of Australia (ASFA) noted he had highlighted the importance of facilitating superannuation investment in local innovation and infrastructure to grow the national economy and deliver reliable long-term returns to super fund members.

The SMSF Association said it was looking forward to a constructive relationship with the incoming Labor Government and was hopeful that two of the outstanding measures from the 2021 Federal Budget – changes to residency rules and legacy pensions – would be legislated.

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SMSF Association chief executive, John Maroney, said: “We congratulate the Federal treasurer, Jim Chalmers, and the assistant treasurer and minister for financial services, Stephen Jones, on their appointments and look forward to working with them on issues relevant to the self-managed superannuation fund (SMSF) sector.

“Both ministers paid us the courtesy of addressing our National Conference held in Adelaide in April, and we have extended an invitation for them to address our inaugural Technical Summit being held on the Gold Coast in July.

“In our experience they have always been willing to listen to the issues affecting the SMSF sector. We are confident they will appreciate the importance of these two measures and we seek their support to pass the legislation through Parliament.”

Industry Super Australia (ISA) welcomed the announcement of key Treasury portfolio ministers and said the Government’s unwavering commitment to lifting the super rate to 12% as legislated and support for policy foundations of preservation and compulsion were the key building blocks to supercharge savings, underpin domestic investment and alleviate pressure on the age pension.

“To this end the government’s commitment to enshrine the objective of super in legislation will protect the retirement of future generations,” it said.

ISA said the election outcome also demonstrated strong community support of the principle that super should be saved for retirement, and not “raided to solve other problems like housing affordability”.

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