David Whiteley

In an unprecedented move for retail and industry superannuation, the Financial Services Council (FSC) and Industry Super Network (ISN) have today announced that they will work together on the critical issues for superannuation in Australia.

At the FSC’s Annual Conference in Brisbane today (Thursday) John Brogden, CEO of the Financial Services Council said: “The superannuation industry is now at the point of maturity where it must speak with a united voice.”

“ISN is here at our conference to symbolise a new relationship in superannuation policy in Australia.“

“On the eve of the election we are signalling to Canberra that the ISN and the FSC will work together on many key issues impacting fund members.”

“This is the start of a new era,” Mr Brogden said.” It is critical that we put our differences of the past aside and focus on building Australia’s next major export industry.”

“Because we have allowed ourselves to be divided, the significance of the industry and our prominence in the minds of government and consumers has been diminished. Ultimately, it is superannuation that suffer.”

“Superannuation funds are now worth $1.6 trillion. This is more than Australia’s gross domestic product and the capitalisation of the Australian Securities Exchange”.

David Whiteley, CEO of ISN said:

“A five year freeze by the super industry on advocating or supporting regulatory change – to emulate Treasurer Bowen’s proposal – will deliver to members certainty in the tax and regulatory settings.

“Industry Super Network and the Financial Services Council should lead the elevation of superannuation out of the political discourse and ensure policy making is considered, sector neutral and even handed.

“A clear message from our industry to the Australian public and policy makers that we have the future in our sights, and not the past, would be our lasting contribution to creating stability and certainty,” Mr Whiteley said.

Mr Brogden also said: “The full potential of Australia’s compulsory superannuation system can only be realised with a commitment to medium to long term policy settings that are sustainable, consistent with community expectations, and can attract bi-partisan support.”

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