Industry welcomes new Albo leadership

24 May 2022

| By Laura Dew |

Organisations have welcomed the new Albanese Government and the appointment of Jim Chalmers as Treasurer but warned they cannot rest on their laurels when it comes to superannuation.

Anthony Albanese was elected as the Prime Minister last weekend, replacing Scott Morrison.

The Association of Superannuation Funds of Australia (ASFA) said it was looking forward to working with Albanese and Chalmers, who previously had portfolio responsibility for financial services and superannuation.

“Dr Chalmers is well placed, given his experience, to steer superannuation policy and ensure as many Australians as possible can retire with dignity,” the organisation said.

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“We welcome comments by Prime Minister Albanese over the weekend on the importance of universal superannuation and look forward to working constructively with the new Government and Treasury team on superannuation matters.”

John Maroney, chief executive of the SMSF Association, said: “As leaders of the SMSF sector, we look forward to working closely with the Albanese Government to ensure that the SMSF sector continues to be a successful part of the superannuation system delivering retirement incomes to the over 1.1 million Australians using an SMSF.

“We believe that every Australian has the right to a good quality of life in retirement and the right to control their own destiny. The SMSF sector holds the values of opportunity and aspiration at its core.”

Meanwhile, Super Consumers Australia said it hoped the new Government would help people to be supported through the retirement planning process and make it easier for them to find a high-performing super fund.

Director, Xavier O’Halloran, said: “The superannuation system has continued to mature into a system that genuinely supports Australians and their retirement goals. The system cannot rest on its past success and must evolve to meet the needs of today’s consumers.

“As the quality of advice review continues, the new parliament has an opportunity to reflect on what people need to help plan for retirement. We need to be looking at solutions that make sure everyone can get a good outcome from the retirement system regardless of wealth or level of financial knowledge.”

AUTHOR

Laura Dew

Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.

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