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2011 Federal Budget: What about superís 4 forgotten issues?

By Trish Power - posted Tuesday, 10 May 2011


In September 2010, I published a to-do list of 16 major superannuation issues needing action by the Federal Government, post the Federal election. I published this list in the form of a public memo, as a helping hand for the newly appointed Minister of Superannuation, Bill Shorten.

Sadly, progress has been slow on the 7 'big deal' polices contained in the SuperGuide superannuation to-do list, namely the policies to:

1. Increase Superannuation Guarantee from 9% to 12%.

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2. Ban commissions on financial products from 2012.

3. Introduce my MySuper reforms, including MySuper, and SuperStream.

4. Refund contributions tax to accounts of low-income earners.

5. Retain the $50,000 concessional contributions cap, for some

6. Consider fully the Cooper Review recommendations.

7. Introduce tax file numbers as primary identifiers for fund members.

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I explain these 7 'big deal' policies in the SuperGuide article. Mr Shorten, here's your superannuation to-do list.

While the items listed above may be the big-ticket super policies, there are 4 items on my superannuation to-do list that no one within Government seems willing to talk about publicly. I believe that the 4 items (detailed below) have fallen into the 'forgotten' or 'try to ignore' basket. I have previously described these forgotten issues as the "fix or else" superannuation policies.

I hope that the Federal Government seriously rethinks the short-term stance taken on these issues, and considers the real people who are trying to save for a decent retirement. They bear little resemblance to the rhetoric and "loosey goosey" statistics used to justify these policies.

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About the Author

Trish Power is an author and journalist who lived a former life as a superannuation tech-head. She is the author a number of books on super and investing, including super bible, Superannuation For Dummies, 2nd Edition (Wiley). Trish describes much of her financial writing as educative journalism. She is passionately committed to raising the level of financial literacy in Australia and empowering individuals to improve their financial circumstances. She is also the founder of SuperGuide.com.au - a free superannuation resource for all Australians.

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Creative Commons LicenseThis work is licensed under a Creative Commons License.

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