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Stronger super update

Stronger Super and what it means for you

On Wednesday 21 September, the Government released its latest response to the proposed Stronger Super reforms.

What is Stronger Super?

In December 2010, the Federal Government released its first ‘Stronger Super’ report in response to the findings of the Cooper Review, a government-commissioned enquiry into Australia’s super system. Since last December, the Government has consulted widely with industry to refine planned changes. The latest report details a range of key objectives designed to strengthen Australia’s superannuation system.

What are the key reforms the government is trying to achieve?

The latest report outlines the government’s three key planned initiatives:

create a new simple, low cost default superannuation product called 'MySuper'
make the processing of everyday transactions easier, cheaper and faster, through the 'SuperStream' package of measures
strengthen the governance, integrity and regulatory settings of the superannuation system, including self managed superannuation funds.

What do these changes mean for me?

The announced plans are not definite changes yet and still need to be passed as law. Most planned changes are not due to take effect until at least 2013, so there is every likelihood the reforms could undergo further moulding as the government thrashes the details out in consultation with the financial services industry and other members of parliament.

How do i find out more?

We’ll keep you updated as changes and announcements come to light. For more detailed information, you can: