22 October 2012

Establishment of a Superannuation Consumer Centre

The Gillard Government has improved consumer protection through its financial advice and MySuper reforms. With superannuation increasing from 9 to 12 per cent, there is a need to ensure an on-going focus on members' interests. The Minister for Financial Services and Superannuation today announced funding for the establishment of a "bricks and mortar" Superannuation Consumer Centre.

The Government will provide $10 million over three years as a contribution to an investment fund, the earnings of which will be used to fund the on-going costs of a non-profit organisation with a primary focus on superannuation policy research and advocacy. The Government's contribution will be contingent on matching funding being provided by industry.

"I'd like to acknowledge the work of Jenni Mack, Allan Moss, Steve Bracks, Jo-Anne Bloch, Tony D'Aloisio and Jeremy Duffield," Minister Shorten said.

The centre delivers on the commitment made as part of the Government's response to the Super System Review, that it would consider how to promote a more member-driven approach within superannuation.

"The Gillard Government has shown it is not afraid to take on difficult reforms that deliver real benefits to consumers. This centre will ensure that there is a focus on these issues in the future."

"Industry support for the centre provides an opportunity for the superannuation industry to demonstrate its commitment to ensuring the interests of superannuation consumers are well represented in the development of reforms and will help to ensure that the centre is well resourced to perform this important role," Minister Shorten stated.

The Government will invite expressions of interest from the private sector.