It was a privilege to serve as Minister for Financial Services and Superannuation in the Gillard Labor Government.
I
am proud to have worked with colleagues to secure a number of historic
Labor reforms. We have built upon on the great legacy of Hawke and
Keating, which improve the transparency and fairness of our financial
services sector, while making our superannuation system more sustainable
for the future.
Only
Labor governments are willing to negotiate the pragmatic reforms
necessary to safe guard the future of our world-class superannuation
system, whilst staring down vested interests resistant to our necessary
and future focused reforms.
I
am proud of our achievements since taking on this portfolio in 2010.
Beginning today, universal superannuation will finally begin to move to
12 per cent – a long overdue reform, boosting the retirement incomes of
8.4 million working Australians.
Abolishing
the 15 per cent tax paid on superannuation for those earning up to
$37,000 is also boosting the superannuation of 3.6 million Australians,
including 2.1 million working women.
We’ve
made the superannuation system more transparent, efficient and fairer
by stripping away unfair and hidden fees, allowing those approaching
retirement to top up their super when the markets are strong and they
need it most, and moderating tax concessions on super when adequate
balances have been built, to make the system more sustainable for the
future.
We’ve
bought the financial planning industry into the 21st century by
removing conflicted remuneration structures and challenging the industry
to become more professional, a challenge which I think the industry has
and will continue to rise to.
I’m
proud of our reforms to the flood insurance market following the
devastating 2011 floods including implementing a standard definition of
flood, establishing a simple key facts sheet on home and contents
insurance policies to better inform consumers, and establishing the
National Insurance Affordability Council to fund flood mitigation
measures and to prevent the damage caused by floods and reduce insurance
premiums.
These along with a range of other reforms across my portfolio will force downward pressure on superannuation fees and charges.
I’d
like to acknowledge Julia Gillard and Wayne Swan for driving this
reform program that will improve the retirement outcomes for Australians
for generations to come.
I’d
also like to extend my thanks to the financial services sector for
working co-operatively and diligently with the Government to deliver
reforms in the best interests of all Australians.
I
am certain that Treasurer Chris Bowen and Assistant Treasurer David
Bradbury will continue Labor’s legacy of working towards providing all
Australians with a dignified retirement.
Our
superannuation system gives every Australian a direct stake in their
individual retirement security and also the big decisions about the
economic future of the country and only Labor is focussed on providing
all Australians with a secure retirement.
Media Contact: Jessica Lindell 0408 642 804
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