Treasury super review progresses with technical working group

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Treasury super review progresses with technical working group

26 September 2022

A 12-member working group that includes independent economists and academics has been established to work alongside Treasury’s ongoing review of Your Future, Your Super reforms.

Financial Services Minister Stephen Jones says the group, made up also of investment advisers and representatives from retail and not‑for‑profit super funds, will deliberate on increasing accountability for the performance of products which fall within the super reforms.

The working group is expected to be a forum for constructive, solutions‑based discussions on specific technical issues relating to the performance test.

“We owe it to every super fund member to make sure their super contributions are working as hard as they are,” Mr Jones, who is also Assistant Treasurer, said.

“The experts who’ve agreed to be part of the Technical Working Group on the performance test will form an important part of Treasury’s considerations during the review process.

“The Government thanks them for their time and expertise, which they are offering on a voluntary basis and in the interests of strengthening the superannuation system.”

Treasury is accepting submissions to its review until October 14.

The review is also examining “any unintended consequences and implementation issues” from the stapling measure since its commencement on November 1 last year.

The stapling measure is a recommendation from the Hayne royal commission’s final report in 2019 to the then Coalition government.

Stapling seeks to prevent the creation of unintended multiple superannuation accounts when disengaged members change jobs and open a new account by default, Treasury says in its consultation paper released last month.

Mr Jones has said the Labor Government backs the stapling measure and that the review of Your Future, Your Super reforms “will not unwind” the move.