Katy Gallagher

The SMSF Association has thrown its support behind the Federal Government’s decision to include superannuation payments in paid parental leave.

The Minister for Finance and Women, Senator Katy Gallagher, announced today this superannuation payment, which begins on 1 July, was a key element in the Government’s national strategy to achieve gender equality and enhance women’s economic security.

SMSF Association CEO, Peter Burgess said we support this measure which is designed to reduce the impact of parental leave on retirement incomes and help close a gender gap that was still a pronounced issue in the superannuation sector.

Burgess says the SMSF sector is leading the way when it comes to closing the superannuation balance gender gap, with the balance gap in SMSFs steadily closing since 2017.

Research released last year by major SMSF software provider, Class, shows between the 2017 and 2022 financial years, the gender balance gap for SMSFs administered on Class software had declined from 20.3 percent to 15.9 percent.

“Higher levels of member engagement combined with legislative changes which have enabled catch-up concessional contributions, contribution splitting and encouraged re-balancing strategies to stay within the transfer balance cap, have no doubt been a contributing factor.”

“The evidence suggests the more engaged members are the greater the likelihood of closing the gender superannuation balance gap. Further policy support is needed to address this issue but including super payments in paid parental leave is a step in the right direction”, Burgess says.

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John Maroney

The appointment of five Shadow Ministers to the Labor Party’s economic portfolios shows a genuine commitment to policy development that has been welcomed by the SMSF Association.

Association CEO John Maroney says: “We congratulate the new appointments to the Shadow Opposition economic portfolios, welcoming Dr Jim Chalmers as Shadow Treasurer, Katy Gallagher as Shadow Minister for Finance, and Stephen Jones as Shadow Assistant Treasurer and Shadow Minister for Financial Services.

“We also welcome the appointments of Dr Andrew Leigh as Shadow Assistant Minister for Treasury and Matt Thistlethwaite as Shadow Assistant Minister for Financial Services.

“A strong Shadow economic ministry is critically important at this junction considering the broad policy agenda that will result from implementing the recommendations of the Financial Services Royal Commission and the Productivity Commission on superannuation.

“It is also important as Labor aims to build new economic policies, to improve on existing policies and consult with industry as they develop a new program to take to the next election.”

Maroney says the Association looks forward to working with the Shadow economic team on the goals of simplifying the superannuation system, legislating an objective for superannuation and ensuring that superannuation delivers quality retirement outcomes for Australians.

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Chris Bowen

The SMSF Association welcomes and congratulates the Hon Chris Bowen MP who has been re-appointed Labor’s Shadow Treasurer and the Hon Katy Gallagher MP who has been appointed Shadow Minister for Small Business and Financial Services.

Association Managing Director/CEO Andrea Slattery says the Association is looking forward to working with the Opposition to build a bipartisan approach to superannuation and financial services during the life of this Parliament.

“We particularly look forward to working with Katy Gallagher in the Financial Services portfolio at a time when the superannuation industry is facing significant change from Budget night measures.

“The Association’s support for a number of the positive measures and opposition to a few Budget measures is well known, and we are hopeful of being able to present our case to the Opposition to explain why we believe some of those changes will impact on the ability for people to save adequately and achieve a dignified and secure retirement.

“We also want to urge the Opposition to work with the Government to enshrine in legislation the objective and underlying principles of superannuation as quickly as possible. It’s our firm belief that much of the uncertainty surrounding superannuation could be minimised by having its long-terms goals and those principles underpinning it legislated for.”

She says it is pleasing to see Chris Bowen reappointed as Shadow Treasurer. “Having built a good relationship with Chris, we are confident he will listen seriously to our concerns about some of the Budget measures.”

Slattery says the Association also wanted to thank the Hon Jim Chalmers MP for the constructive and important role he played when he was the Shadow Minister for Financial Services and Superannuation in the last Parliament.

“Jim was always prepared to listen to and consider the Association’s point of view on a range of superannuation and financial services issues, and it’s pleasing to see his efforts have been recognised with his promotion to the Shadow Finance portfolio.”

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