MONDAY 12 AUGUST 2019
Australia’s superannuation system must rise above a culture of introspection and navel gazing according to newly elected NSW Senator Andrew Bragg.
He said the lack of retail and wholesale competition denies a culture of dynamism, efficiency and service.
Senator Bragg slammed the culture of introspection, saying it had created “a culture war.”
“My advice for the industry is to set the civil war aside because the effectiveness of the whole system is the only thing that matters to policy makers,” he said.
Senator Bragg presented a strong case for reform to a conference held by leading independent actuarial firm Rice Warner in Canberra.
“The major inquiries of the past few years have shown the system must improve focus on members”, he said today.
“It must be more efficient, competitive and transparent.”
Calling on the industry to serve the public interest he told the conference he had no interest in participating in a super culture war.
“Ultimately the class war is a fool’s war,” he said.
“The Morrison Government is getting on with the job. We have presented legislation to Parliament which would immediately improve super by removing unnecessary life insurance.”
Quoting the Productivity Commission, Choice and the Consumer Action Law Centre Senator Bragg stressed compulsory life insurance inside super is not working for all Australians.
He said for most under 25s life insurance, particularly death cover, offers little or no value.
Senator Bragg commended the government for calling for a review into retirement income.
Media: John Mangos | 02 8289 9110