22 November 2013

The Abbott Government’s red tape reduction target delivers almost $50 million in savings for Australia’s super industry

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO today announced almost $50 million in savings each year for the superannuation industry as part of the Abbott Government’s initiatives to reduce unnecessary red tape and compliance by $1 billion per year.

The use of the Standard Business Reporting’s (SBR) fully automated electronic service,  SuperTICK, is delivering real savings for the superannuation sector as it replaces the previous time-consuming manual proof-of-identity processes.

SuperTICK is just one example of SBR’s potential to reduce red tape and the regulatory reporting burden for business through standardised electronic reporting.

“The SBR-based service SuperTICK has been one of the key players in improving the efficiency of the superannuation system,” Senator Sinodinos said. “It enables APRA-regulated superannuation funds to verify member information needed to process a rollover of member funds from one fund to another.”

SuperTICK was introduced to speed up rollovers with improved data quality, contributing to the overall efficiency of the superannuation system under SuperStream.

With approximately 1.2 million rollovers per year that require a manual verification process, industry estimates the system delivers savings of up to $48 million per annum for the superannuation sector.

“The Abbott Government is committed to boosting the productivity of the Australian economy by getting rid of the burden of red tape by $1 billion per annum,” Senator Sinodinos said.