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A Super Charter: fewer changes, better outcomes

A report to the Treasurer and Minister Assisting for Financial Services and Superannuation

Covering letter

5 July 2013

The Hon Chris Bowen MP, Treasurer
The Hon David Bradbury MP, Minister Assisting for Financial Services and Superannuation
Parliament House
CANBERRA ACT 2600

Dear Ministers

Report on the Super Charter and Super Council

Since the establishment of the Charter Group on 9 May 2013, we have consulted and sought submissions from industry and public stakeholders.

This report outlines our views about the key principles that will guide the Council. The Charter Group has worked with key stakeholders to develop a Charter that it believes addresses the concerns people have about the future of their super and the way policy changes have been made to date. There was a remarkable singularity in the contributions from outside the Charter Group during this process.

We have used the Charter of Budget Honesty as the cornerstone of our thinking, but with some important variations that we detail in the report. We also decided to recommend that the Council be given a simpler name: the ‘Super Council’ and that its members be called Guardians, rather than Custodians.

There was overwhelming support for super to be disconnected from electoral politics, short-termism and ‘budget night surprises’. In 2013 parlance, the Charter and the Council will create a ‘firewall’ around our super system, with a view to seeing that only changes that are consistent with super’s core objectives and principles get through.

The Charter Group appreciated the generosity of time given by people during our consultations and the quality and content of the submissions.

We join in recommending this report to you.

Yours sincerely

[SIGNED]

Jeremy Cooper
Chair

[SIGNED]
Alan Goldberg AO QC

[SIGNED]
Ross Jones

[SIGNED]
Elana Rubin

[SIGNED]
Steve Tucker