In extending congratulations to Tony Abbott and the Coalition for their election win, the Industry Super Network praised the outgoing Labor government and its key financial services reforms.
In a statement, ISN chief executive David Whiteley singled out the Future of Financial Advice reforms and “increasing the super guarantee” as “landmark” policies of the Rudd-Gillard-Rudd government.
“The sector has just been through a period of significant reform and we welcome the Coalition’s commitment to stability in the sector, and encourage a bipartisan approach to superannuation policy,” Mr Whiteley said.
“Industry Super Network has enjoyed a constructive relationship with the Coalition and we look forward to working cooperatively with the new Government – as well as the Opposition, the Greens and minor parties – to build the world’s best retirement superannuation system.
“Strong investment in nation-building infrastructure by Industry SuperFunds further strengthens the link between superannuation and the economy.”
Meanwhile, the Financial Services Council has called on the next parliament to implement the policy mandate awarded to the Coalition at the general election – something that may be made difficult with likely wins for micro-parties such as the Liberal Democrats, Australian Sports Party and Motoring Enthusiasts Party.
“The election is over and business and consumers now demand certainty,” said FSC chief executive John Brogden.
“After three years of policy uncertainty, Australians need stability from the government,” he continued.
“Parliament must allow the new government to pass legislation within its mandate. If this mandate is blocked in the Senate, Australia will endure further uncertainty and instability.”
“This would be a disaster for consumer and business confidence.”
“This government has received a clear majority from the electorate that must be respected by the Parliament.”
The Coalition now has a mandate to make changes to the FOFA regulations, including the removal of opt-in, and “streamlining” of fee disclosure statements.
Mr Abbott also vowed to have a moratorium on further changes to the financial services sector.
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