Australia's consumer lobby for the over 50s, National Seniors Australia, has welcomed the Government’s response to the Financial Systems Inquiry.
Chief executive Michael O'Neill said that governments played an essential role in ensuring confidence in the financial system at all levels - from global markets to the nation’s boardrooms to the kitchen tables of everyday Australians.
“The endorsement of almost all of what the David Murray-led Inquiry recommended provides a foundation for that confidence,” O’Neill said.
“The test for the government in future is the roll out of an ambitious series of proposals with a particular emphasis given to the Productivity Commission for implementation.”
O'Neill said key recommendations the government had endorsed included:
- strengthening the resilience of the banking system
- further improving standards and competency of financial advisers
- enshrining the objectives of the superannuation system in legislation
- increasing pressure on the superannuation sector to reduce costs and improve returns
O'Neill flagged a concern about the need for retirement income and superannuation reforms to be properly focused.
“Particularly in the area of superannuation it will be important for all interests - from the political to the industry - to put aside self-interest and focus on the key outcome of ensuring better retirement income outcomes for individual Australians,” he said.
“It will require leadership by the government to ensure the process does not become bogged down in the politics of self-interest.”