Association of Superannuation Funds of Australia conference Friday, 27 November 2015 The Hon Scott Morrison MP Treasurer
Australia’s Three Pillar Retirement Income System Private Savings (Own home, other property, financial assets, business assets) Superannuation (Superannuation Guarantee) Age Pension (Government funded, means tested)
Agenda for improving the financial system 1. Strengthening the resilience of the financial system. 2. Stimulating innovation in the financial system. 3. Supporting consumers of financial products being treated fairly. 4. Strengthening regulator capabilities and accountability. 5. Improving the efficiency and operation of the superannuation system and, in doing so, boost retirement incomes.
Superannuation reform package Governance Objective of Enhanced Lay the reform superannuation transparency foundation Independent directors FSI Rec 9 FSI Rec 13 PC review of Improve efficiency Improve Tax White default super Develop criteria to assess efficiency Paper process super system efficiency AND alternative Linked to FSI Rec 10 models for default fund selection FSI Rec 10 Improve member Choice of Better retirement engagement fund for more Empower products and FSI Rec 37 employees outcomes individuals Retirement income projections Comprehensive income products Improved presentation FSI Rec 12 for retirement (CIPRs) of data FSI Rec 11
Number of superannuation accounts per person by age 70% One Two Three or more 60% 50% 40% 30% 20% 10% 0% 15-34 35-44 45-54 55-64 65+
Superannuation coverage by age and gender 100% Male Female 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 15 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65 - 74 75 or more
Replacement Rates
Association of Superannuation Funds of Australia conference Friday, 27 November 2015 The Hon Scott Morrison MP Treasurer
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