Australia: Superannuation - What's news - 6 May 2014

Last Updated: 9 May 2014
Most Read Contributor in Australia, September 2016

In the media

David Murray gives first insight into FSI
MEDIA – 02 May 2014 – The Financial System Inquiry (FSI) chairman David Murray said that the committee will focus on ageing, technology and innovation as drivers of change and at how these affect regulation, competition and consumer outcomes. Murray said that the committee was working towards issuing an interim report in July. More...

IOSCO recommends improved disclosure for direct products
MEDIA – 02 May 2014 – The growth of directly distributed financial products has pushed a Joint Forum of the International Organisation of Securities Organisations (IOSCO) to call for improved global regulation and disclosure standards for products sold this way. More...

Murray to lift lid on "unhealthy" competition
MEDIA – 02 May 2014 – The Financial System Inquiry (FSI) will look at concentrations of competition within financial supply lines that "may not be healthy and may influence behaviour in a certain way", says the inquiry's chair David Murray. ,a href="">More...

FSC rejects super "cross-sell" claims
MEDIA – 01 May 2014 – The Financial Services Council (FSC) has hit back at claims by Industry Super Australia (ISA) that bank-owned super funds can incentivise employers to cross sell products. The FSC, which yesterday announced it was still proceeding with legal action against the Fair Work Commission (FWC) in regards to the creation of the default fund Expert Panel, said the ISA claims are "wrong in law". More...

ASFA's response to the Commission of Audit report
ASFA – 01 May 2014 – The Association of Superannuation Funds of Australia (ASFA) says it is important to take a long-term view when it comes to the recommendations made by the National Commission of Audit, particularly those that consider changes to the structure
and design of Australia's retirement incomes systems. More...

Fees are just one part of the equation when it comes to making super decisions
ASFA – 28 April 2014 – In the wake of debate regarding superannuation fund fees, ASFA is inviting individuals to spend time checking the features and fees of their superannuation account to make sure they are in an option that suits their needs, and will deliver the best outcomes for their retirement. More...

AIST announces new president
MEDIA – 28 April 2014 - The Australian Institute of Superannuation Trustees (AIST) has today announced the appointment of Angela Emslie as its new President. More...

FWC denies hearing on validity of the Expert Panel
MEDIA – 28 April 2014 – The Financial Services Council is considering its position to launch legal action against the Fair Work Commission on the validity of its Expert Panel. FWC President, Iain Ross, issued a statement today, which denied the FSC's request for a hearing on the validity of the Expert Panel for default superannuation. More...

Bank owned super "free for all" would hurt retirement balances
ISA – 28 April 2014 – A new report released today by the Grattan Institute revealing excessive costs in sections of Australia's super system highlights the risk of abandoning merit based selection of default funds as suggested by the bank owned super funds in recent weeks. More...

Time to save Australians from the $10 billion super sting
GRATTAN INSTITUTE – 27 April 2014 – Australians are paying up to three times more than they should for superannuation, according to a new Grattan Institute report. The report finds that Australians on average pay fees of 1.2% on their superannuation account balances, more than three times the median OECD rate. More...

Industry funds back FWC against "banks"
MEDIA – 24 April 2014 – Industry Super Australia (ISA) has backed the default fund selection processes of the Fair Work Commission (FWC), with its chief executive, David Whiteley, urging the major banks to rule out embarking on legal action which would prevent the commission fulfilling its task. More...

AustralianSuper consortium picks up QLD motorways for $7bn
MEDIA – 24 April 2014 – AustralianSuper, as part of a consortium led by toll road owner Transurban, is set to pay $7 billion to buy a string of Brisbane motorways from the Queensland government. The consortium signed an agreement to buy Queensland Motorways, which owns a 70km network of tolled roads. More...

MySuper default fund dispute gathers pace
MEDIA – 24 April 2014 – Industry Super Australia has called on the "major banks" to rule out legal action, as the FSC seeks an "urgent hearing" to challenge the Fair Work Commission's (FWC's) default fund expert panel. More...

Care and measured debate needed in adjusting pension age and changing preservation age
SPAA – 22 April 2014 – The SPAA says the Australian public will be best served if there is a measured debate about the suggestion to increase the pension age to 70. The flow on effect of any change must consider the impact on other social security benefits and the age at which superannuation can be accessed. More...

Default fund quality filter needed to protect the integrity of super
ISA – 22 April 2014 – Industry Super Australia (ISA) has expressed deep concern at risks associated with the banks' proposal to remove the superannuation default fund quality filter, administered by the Fair Work Commission Default fund quality filter needed to protect the integrity of super

Super tax breaks the "Hindenburg" of the federal budget
MEDIA – 22 April 2014 – A new report released today by The Australia Institute outlines how the age pension could be strengthened by tackling overly generous and unfair superannuation tax concessions. Sustaining us all in retirement: The case for a universal age pension shows super tax concessions will soon cost more than the age pension. More...

Super sting: how to stop Australians paying too much for superannuation
GRATTAN INSTITUTE – 27 April 2014 – Australians are paying up to three times more than they should for superannuation, argues this report. More...

Reminder: Treasury Issues Paper: Competition Policy Review
The Panel will inquire into and advise on appropriate changes to legislation and institutional arrangements so competition is based on merit and whether the current laws, policies and the structure of regulators are operating effectively and are fit for purpose.
Submissions close on 10 June 2014. See details on the Competition Policy Review website More...


Gomes v United Super Pty Ltd [2014] FCA 392
ADMINISTRATIVE LAW – s46 of the Superannuation (Resolution of Complaints) Act 1993 (Cth) – appeal on a question of law – appeal founded solely on contested fact – appeal dismissed – Superannuation (Resolution of Complaints) Act 1993 (Cth), s46. More...

Mourched and Commissioner of Taxation [2014] AATA 223
SUPERANNUATION – Application for waiver of disqualified status – Whether exceptional circumstances for delay in filing application – Applicant previously found guilty of publishing a false statement for a financial advantage – Applicant disqualified person under the
Act – No evidence of exceptional circumstances - Decision under review affirmed.

Crimes Act 1900 (NSW); Superannuation Industry (Supervision) Act 1993 (Cth). More...

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