On 16 December 2010 the Assistant Treasurer, Bill Shorten, announced the Government’s initial response to the Super System (Cooper) Review. In its response the Government stated that it will:
- create a default superannuation product called MySuper;
- implement SuperStream, a package of measures relating to the ‘back-office’ administration of superannuation schemes;
- implement a range of measures relating to self managed superannuation funds; and
- introduce a range of measures relating to governance in the superannuation sector.
A Regulation Impact Statement (RIS) was required for the announcement of the Government’s response, but the Prime Minister granted an exemption from the RIS requirements on the basis of exceptional circumstances. Further consultation on the design and implementation of the measures will be undertaken in early 2011. This process will inform the Regulation Impact Statement that will be prepared for the Australian Government’s final implementation decisions.