The Hon Bill Shorten MP, Assistant Treasurer and Minister for Financial Services and Superannuation, delivered a post-Budget Address to senior representatives of Australia’s leading financial services and corporate institutions at Corrs Chambers Westgarth in Melbourne yesterday.
The Minister discussed the key features of the 2011-2012 Federal Budget, outlining the major transformative forces currently at work in the Australian economy. The Minister also explored the realities of being an economy in transition and how best to develop public policies that allow Australia to secure opportunities from the rise of Asian economies. The impacts of an ageing population and Australia’s infrastructure needs were also discussed.
The Address was broadcast nationally from Corrs’ Melbourne office and was followed by a Q&A session led by Corrs partner, Michael Chaaya. The Q&A included discussion about infrastructure needs and the role played by superannuation funds, as well as CGT rollover relief for merging superannuation funds.
Corrs partner Michael Chaaya said: “In terms of the Budget, there are no major surprises for the superannuation industry. However, the proposal to extend the director penalty regime and make directors personally liable for unpaid super is an interesting way to address phoenix activities by company directors. It remains to be seen how the Government proposes to introduce the mechanics of this proposal. The proposed incentives to attract investment in infrastructure by superannuation funds will also be examined with interest by the industry.”
The Post-Budget Address was attended by representatives from the full spectrum of the financial services sector, including AMP, BT, CBA, Challenger, First State Super, ING, Q Super, Stockland and Suncorp.
The event wrapped up with a panel discussion in Sydney, where panel members Michael Dwyer, CEO of First State Super, Sally Patten, Associate Editor for The Australian Financial Review, and Corrs partners Andrew Lumsden and Byron Koster responded to the Post-Budget Address and answered questions from the national audience.
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