Coalition’s position on Cooper Review

July 5, 2010

The Coalition will thoroughly review the 177 recommendations of the Cooper Review and present our position in due course.

The SuperStream proposal and any other measures which deliver greater efficiency in the sector are worthy of further consideration.   However, the Coalition does note concerns raised by the Financial Services Sector that the MySuper and ‘choice architecture’ proposal could lead to an increase in the cost of superannuation administration, rather than a reduction.  This will not be in the best interests of superannuants.

The Coalition is concerned that the recommendations do little to reduce the lack of competition in the superannuation sector as caused by Labor policies such as mandated default funds in modern awards. The recommendations ignore the importance of competitive pressures in keeping costs down.  The Cooper Review does not do enough to address how the Government can encourage increased employee engagement in superannuation and retirement savings.

Whilst the Minister talks about increased returns for investors, the reality is that Labor’s poor government decision making and economic mismanagement is having a detrimental impact on the retirement savings of Australians.

< Prev		Next >