Independent Review – The Treasury
On 6 October 2020, as part of the 2020-21 Budget, the Government announced a package of superannuation reforms informed by the findings and recommendations of the Productivity Commission’s review of the efficiency and competitiveness of the Australian Superannuation System.
The reform package includes measures to prevent the creation of unintended multiple superannuation accounts, address underperformance, make it simpler for members to select a well-performing fund, and put beyond doubt that trustees must act in the best financial interests of members.
The Treasury has certified the Productivity Commission’s report, Superannuation: Assessing Efficiency and Competitiveness, as a process and analysis equivalent to a Regulation Impact Statement (RIS). The Office of Best Practice Regulation (OBPR) does not assess the quality of independent reviews, but does assess whether the options analysed in the independent review are relevant to the regulatory proposal. The OBPR assessed that the options analysed in the independent review are sufficiently relevant to the regulatory proposal.
The Treasury has estimated implementation of these proposals will result in a net increase of $5.1 million in average annual regulatory costs.
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