Government’s super, financial services focus gets tick of approval

SMSF Association Media Release

27 May 2019

The appointment of two new ministers to the Government’s economic team, Senator Jane Hume as Assistant Minister for Superannuation, Financial Services and Financial Technology, and Michael Sukkar as Assistant Treasurer, has been welcomed by the SMSF Association.

Association CEO John Maroney says these appointments, coupled with the return of Josh Frydenberg as Treasurer and Senator Mathias Cormann as Minister for Finance, give the Government a strong economic team at a time when superannuation will be an important issue during the life of this Parliament.

“Appointing a minister with direct responsibility for superannuation and financial services with the broad policy agenda of implementing recommendations from the Financial Services Royal Commission and considering recommendations made by the Productivity Commission on superannuation earlier this year is recognition of the importance the Government is assigning to this policy area.

“It’s also important in light of the Treasurer’s stated intention to undertake a review of the retirement income system that will be crucial for policy affecting SMSFs and superannuation more widely in the future.”

Maroney says the Association is looking forward to working with the Government’s economic ministers with the goals of simplifying the superannuation system, legislating an objective for superannuation, having policy stability and ensuring that superannuation delivers quality retirement outcomes for Australians.