Stronger Super Peak Consultative chairman Paul Costello and his group are putting the finishing touches on a report containing their recommended reforms to Australia’s $1.36 billion superannuation industry, a government spokesperson said.
A spokesperson for Assistant Treasurer Bill Shorten’s office said the report had yet to land.
“Costello is working with the Peak Consultative Group to finalise his report to Government and it is expected to be received this week,” the spokesperson said.
Costello was slated to hand over the group’s report to Shorten late last week.
Industry participants expected the group to make recommendations on how best to proceed with automatic consolidation and other measures to remedy the nation’s $18.8 billion in unwanted funds.
The issue had been largely dormant for the two years following the Cooper review, but it re-emerged again last week.
“Up until a month or two ago, there was a general consensus across the industry that automatic consolidation should only apply to the smaller balances,” Colonial First State general manager of strategy Nicolette Rubinsztein said.
She said the Stronger Super working groups with Treasury have rekindled the issue.
“It’s only in the last couple of months that this has emerged as a new issue with new proposals on the table,” she said.
