Australia: Superannuation, Funds Management and Financial Services - What's News - 23 March 2016

Last Updated: 29 March 2016
Article by Chris Lovell, Adeline Hiew and Paul Faure

Most Read Contributor in Australia, September 2017

In the media

The government has introduced new laws to improve super choice and transparency
MEDIA – 18 March 2016 – Assistant Treasurer Kelly O'Dwyer has introduced legislation into federal parliament to allow all Australian employees to exercise their choice of superannuation fund, and to improve transparency by mandating product dashboards for funds' top 10 choice investment options by value.  More...

Taper test shift to hit middle earners most
MEDIA – 18 March 2016 – The Australian Institute of Superannuation Trustees (AIST) and Mercer have requested the federal government revise incoming changes to the age pension assets test, as joint modelling has forecast the biggest impact will be on middle Australia.  More...

2016 AIST Board announced
AIST – 17 March 2016 – The Australian Institute of Superannuation Trustees (AIST) has announced board changes for 2016, including the resignation of the AIST President.  More...

Carve-outs for Banks make transparency measures useless for super fund members
ISA – 17 March 2016 – There will be next to no benefit for consumers in weak "transparency" measures introduced into federal Parliament today.  Instead, banks and their "for-profit" super funds will continue to bury facts about fees and investment returns for too many of their investment options, says Industry Super Australia.  More...

PC releases Efficiency and Competition Review issues paper
MEDIA – 17 March 2016 – The Productivity Commission has released an issues paper outlining how it will be approaching its latest efficiency and competition review of the superannuation system.  The review was commissioned by Treasurer Scott Morrison earlier this year as part of the government's response to the Financial System Inquiry.  More...

Super objective must be 'whole of life': Mercer
MEDIA – 17 March 2016 – Mercer has called on the government to draw a "clear and sensible line in the sand" when it comes to the substitution of superannuation for the age pension.  More...

Morrison confirms super tax changes
MEDIA – 17 March 2016 – Treasurer Scott Morrison has confirmed the federal government will lay out its proposed changes to superannuation tax incentives by budget time at the latest and any measures will be aimed at ensuring super is fit for purpose.  More...

Independent trustees achieve limited benefits
TREASURY – 17 March 2016 – Having independent trustees on superannuation fund boards was likely to lead to better decision-making and governance, but would not materially impact investment performance, according to new research from the CIFR.  More...

Superannuation efficiency and competitiveness
GOVERNMENT – 16 March 2016 – This study assesses whether, and the extent to which, the Australian superannuation system is efficient and competitive and delivers the best outcomes for members and retirees, including whether it optimises risk-adjusted after-fee returns.  More...

Independent compliance review of ANZ's OnePath following breaches resulting in compensation of approximately $4.5 million
ASIC – 15 March 2016 – ASIC sought the review following a significant number of breaches reported by the ANZ Group in relation to its life, general insurance, superannuation and funds management activities.  These activities are operated through its wholly-owned OnePath group of subsidiary companies.  More...

Consultation on the objective of superannuation
TREASURY – 9 March 2016 – The Minister for Small Business and Assistant Treasurer has released a discussion paper entitled 'The objective of superannuation' for public consultation to kick-start the process for meeting the Government's commitment to enshrine the objective of superannuation in law.  More...



The Superannuation Legislation Amendment (Choice of Fund) Bill 2016
The Bill amends the Superannuation Guarantee (Administration) Act 1992 to ensure employees under new workplace determinations or enterprise agreements that are made from 1 July 2016 have an opportunity to separately choose their superannuation fund.  Registered: 18 March 2016.  Introduced HR: 17 March 2016.  More...

Superannuation Legislation Amendment (Transparency Measures) Bill 2016
The Bill makes amendments to the Corporations Act increasing the amount and quality of information available to superannuation fund members, employers and other stakeholders.  Registered: 18 March 2016.  Introduced HR: 17 March 2016.  More...

Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016
Schedule 1 to this Bill establishes a Remedial Power for the Commissioner of Taxation (Commissioner) to allow for a more timely resolution of certain unforeseen or unintended outcomes in the taxation and superannuation laws.  Registered: 18 March 2016.  Introduced HR: 17 March 2016.  More...

Bills Progress

Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016
A Bill for an Act to amend the law relating to taxation.  Senate – Introduced and read a first time: 16 March 2016.  Second reading moved: 16 March 2016.  More...

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