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Coalition putting Super members first

Media Releases

Date : 05 April 2019

Author: The Hon Josh Frydenberg MP & The Hon Stuart Robert MP

The Hon Josh Frydenberg MP
Treasurer

The Hon STUART ROBERT MP
Assistant Treasurer

JOINT MEDIA RELEASE

5 April 2019

COALITION PUTTING SUPER MEMBERS FIRST

The Morrison Government has passed through the Parliament a comprehensive package of legislation that will further improve outcomes for superannuation members and enhance the powers of the prudential regulator.

The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019 also implements two recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, as part of the Government’s continued action to restore trust in Australia’s financial sector.

The superannuation sector has grown to over $2.7 trillion in assets. Australians rightly expect the industry to be held to the highest standards of transparency and accountability.

This legislation will help safeguard the retirement savings of millions of Australians and ensure that APRA can take effective action, including addressing under-performance and compliance with the best interests duty in the superannuation industry.

The legislation:

Restoring trust in Australia’s financial sector is part of the Morrison Government’s plan for a stronger economy.

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