The SuperStream working group has advised the government to make the proposed data standards under SuperStream mandatory to ensure the full benefit of efficiencies can be obtained under the proposed streamlining of the back-office systems.
"The recommendation from the group was that it becomes mandatory, but I have not heard the government's response yet," The IQ Business Group chief executive Graham Sammells, who is a member of the working group, said.
"The biggest thing with SuperStream is going to be the change management that happens to get all the employers on board, either directly or through payroll companies and other service providers.
"Everybody is hoping that the government will confirm that the standards will be mandated. It would be a real shame if they don't; the opportunity is now to do it."
Although Sammells hesitated to confirm the figure of $1 billion in cost efficiencies stemming from SuperStream, he was positive about the prospective savings.
"I have a lot of faith in the efficiencies it will achieve, but it will largely depend on whether it is mandatory," he said.
The SuperStream working group is part of the Stronger Super consultation process and provides more technical advice to the Peak Consultative Group led by Paul Costello.
It is the only working group of four groups that is still in operation.
Sammells said there were three components to the standardisation of data in transactions: rollovers, contributions and reporting.
The draft standards for rollovers have been published and are open to public consultation.
The second major transaction was contributions and the draft is due to be published for consultation in September, Sammells said.
"The proposed timeline is that they become official in January 2012," he said.
The consultation paper for the third part to the process, the fund to government reporting, will be released at a later stage and is unlikely to be legislated in January.
