Productivity Commission – efficiency and competitiveness of superannuation
Productivity Commission has been conducting inquiries into superannuation, including the efficiency and competitiveness of the super system and alternative ways to select default funds.
Making the Future Fund a superannuation fund, as the Government may be considering, could leave retirees $124,850 worse off at retirement.
A top 10 list of super funds is likely to mostly comprise industry funds – eight based on current figures – Roy Morgan finds.
A key recommendation of the Productivity Commission report into the super sector was for a top 10 ‘best in show’ list of super funds to be shown to new entrants to the workforce. Though this recommendation has been criticised by groups including industry funds, retail funds and the Labor party. The Government has yet to respond to the report.
The Productivity Commission has released the report of its inquiry into the efficiency and competitiveness of the superannuation system and if new ways to allocate default funds are needed. The report recommends new workers are allocated to a default fund once – after being shown a list of up to 10 top funds. Other recommendations include changes to advice around SMSF.
The Productivity Commission has given its report on the efficiency and competitiveness of superannuation to the Government. Though it might not be released before the next Federal election.
Update: The Government has released the Productivity Commission report, but is waiting for the final report of the Banking Royal Commission before giving its response to the recommendations.
The Productivity Commission says it handed the final report of its inquiry into the efficiency and competitiveness of Australia’s superannuation system to the Government on 21 December 2018.