To mark the 20th anniversary of the announcement of the Superannuation Guarantee in Australia, the Association of Superannuation Funds of Australia hosted a dinner in the Great Hall of Parliament House on 16 August 2011. Corrs was represented at the event by Michael Chaaya, Partner and member of the ASFA Legal, Regulatory and Compliance Policy Sub-Committee.

The event attracted over 250 CEOs, directors and senior executives across the superannuation industry including many clients of Corrs.

The Superannuation Guarantee system was first announced in the Federal Budget speech on 20 August 1991 by the Treasurer at the time, John Kerin (who also attended the anniversary celebrations). That announcement was fundamental in terms of shaping the superannuation system as we know it today, as well as a key policy in terms of addressing retirements savings needs.

In addition to celebrating the anniversary of the superannuation guarantee system, ASFA also released the findings of a report into superannuation's economic impact on Australia prepared by The Allen Consulting Group. The report is entitled "Enhancing Financial Stability and Economic Growth - The Contribution of Superannuation" and a copy can be found by clicking here.

Amongst other things, the report identifies three ways in which Australia's superannuation industry continues to benefit Australians:

  • Australia's superannuation sector assisted the country in avoiding the worst consequences of the GFC by helping Australian companies raise equity and reduce their reliance on overseas debt markets;
  • The proposed increase in the SG rate from 9% to 12% will improve the post-retirement standard of living for Australians and concurrent tax measures will assist employers with any transitional impacts from the proposed increase; and
  • Australia's superannuation sector plays an increasingly important role in helping to fund Australia's investment needs (eg infrastructure).

Corrs congratulates Pauline Vamos, CEO of ASFA and her team for a wonderful event, and for commissioning such an important research project.

Left to right: Michael Chaaya, Corrs Partner; Pauline Vamos, CEO, ASFA; and the Hon Bill Shorten MP, Assistant Treasurer and Minister for Financial Services and Superannuation.

Left to right: Phillip Vernon, CEO, Australian Ethical Investment; Michelle Rowland MP, Federal Member for Greenway; and Tony Lally, CEO, Sunsuper and ASFA Chair.

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