$1.6 trillion Super Sector Promise but will the Liberals follow

Rival superannuation lobby groups put aside their differences, with the $1.6 trillion retirement savings sector winning a promise from Labour in August, to quarantine super from taxation changes for five years and it will be interesting to see if the Liberal Party will follow through with this initiative. 

 

The Financial Services Council representing for profit ''retail funds'' run by banks and Industry Super Networks representing non-profit, union-aligned ''industry funds'' have traditionally been rivals but the lobby groups said that the super system's maturity required a united approach.

 

ISN chief executive David Whiteley said the two groups should ''lead the elevation of superannuation out of the political discourse and ensure policy making is considered, sector-neutral and even-handed''.

 

Industry funds have traditionally out performed retail funds, although this was not the case last year as the alliance between the retail and industry groups followed the surprise announcement by the Labour government that it would not touch the taxation of super for five years so hopefully the Liberals will pull their socks up and keep the ball rolling.