The passage of our super reform bill is an overdue structural reform.
Super was scandalously established without a proper framework. There is no systemic objective, no target and no measurement.
It is any wonder the system doesn’t work.
As it stands, super will never deliver a positive budget contribution, it won’t get many people off the pension and will simply grow as a cash cow for unions and financiers.
With these changes, there is a chance the system might start working for people - rather than for vested interests.
It has taken 30 years to ensure that performance is assessed, fees are minimised and trustees are obliged to do the right thing. That’s what these reforms will do.
Ultimately, the reforms can be judged by whether the $30 billion fee take is reduced and the returns to members are boosted.
I give great credit to the executive government including the PM Scott Morrison, Treasurer Josh Frydenberg and Minister Jane Hume for pushing these structural changes into law.
I thank the Senate crossbench for their commitment to workers.
Media: John Mangos: 0401 392 624