Bill's Media Releases

SUPER CHARTER CONSULTATIONS COMMENCE

Minister for Superannuation Bill Shorten has urged those interested in the future of super to have their say by making a submission or attending a public forum on Australia’s first Super Charter.

The recently announced Charter Group has advertised that two public forums will be held to assist with their consultations.

The public forums will be held from 12 noon to 2pm on 7 June 2013 in Sydney and Melbourne. To register your attendance at the public forums please visit - www.treasury.gov.au/supercharter.

On 5 April 2013, the Gillard Labor Government announced plans to progress the creation of a Charter of Superannuation Adequacy and Sustainability.

The Super Charter is currently being drafted by the Charter Group of experts which are conducting consultations and seeking submissions.

The purpose of the Charter is to enshrine the core objectives, values and principles of our superannuation system for the long term.

The Charter is being developed against the core principles of certainty, adequacy, fairness and sustainability.

The Charter Group will also seek input on the establishment of a Council of Superannuation Custodians.

The Council will report annually on the adequacy, performance and sustainability of superannuation, as well as make recommendations to Parliament for improvements.

The Council will act as an impartial, expert superannuation body which protects the integrity of the scheme and ensures the policy settings are consistent with its core objectives, values and principles.

Superannuation contributes significantly to national savings, employment, financial stability and economic growth as well as taking pressure off the Age Pension.

Superannuation in Australia today is worth about $1.6 trillion and under Labor will be boosted by over $500 billion by 2037.

Labor created Australia’s world-class superannuation system and only Labor is committed to growing it in the future.

The Honourable Alan H Goldberg AO QC, Mr Ross Jones, Deputy Chair and Member of the Australian Prudential Regulation Authority (APRA), Mr Jeremy Cooper, Chairman, Retirement Income at Challenger Limited, Ms Elana Rubin, former Chair of AustralianSuper and Mr Steve Tucker, former Chief Executive Officer of MLC were appointed to the Charter Group by the Minister on 9 May 2013.

The Discussion Paper: Charter of Superannuation Adequacy and Sustainability and Council of Superannuation Custodians also released by the Minister on 9 May provides a framework for consultation.

The Discussion Paper and Terms of Reference can be found by visiting www.treasury.gov.au/supercharter

The Charter Group will consider the need for additional further public forums. Consultation closes on Friday 21 June 2013.