31 January 2014

Delivering a more efficient Government - Superannuation

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today announced that he was streamlining the consultation arrangements for superannuation as part of the Government's efficiency reforms.

This includes the cessation of three non-statutory bodies that are no longer required: the SuperStream Advisory Council, Superannuation Advisory Committee and the Superannuation Roundtable.

With reforms to the superannuation sector in recent years largely implemented, the work of these bodies has also been completed. Remaining issues are being taken up by forums chaired by the Australian Taxation Office.

The SuperStream project is well into the implementation phase. The ATO is convening regular stakeholder meetings to resolve outstanding issues, leading to duplication with the SuperStream Advisory Council.

The Superannuation Advisory Committee and the Superannuation Roundtable no longer meet and it is appropriate to formally acknowledge their cessation. The ATO also convenes a high level consultative group for the superannuation sector, which serves a similar purpose as these two bodies.

The Government thanks all members of these three bodies for their significant contributions.

In its superannuation election policy, released in September 2013, the Abbott Government committed to prioritising the superannuation industry efficiency reforms — SuperStream — that will allow Australians to consolidate their superannuation and help employers make superannuation contributions with other payments.

The Government remains committed to SuperStream and the ATO will continue to work closely with superannuation funds, fund administrators, employers, and software developers as SuperStream continues to be implemented.

"I would like to thank the members of the SuperStream Advisory Council for the contribution they have made to the implementation of SuperStream and for their continued efforts to improve the 'back office' of the superannuation industry," said Senator Sinodinos.

"I will continue to receive advice from a broad range of sources including industry, consumers, researchers, regulatory agencies and relevant departments."

Today's announcement comes after the release of the Government's superannuation discussion paper, seeking input on issues relating to better governance, competition and efficiency in the superannuation system.