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Govt to pause FOFA process

The Minister for Finance Mathias Cormann has put a temporary freeze on changes to FOFA legislation.

Senator Cormann took over responsibility for the policy last week, following the stepping aside of Assistant Treasurer Arthur Sinodinos.

“I’ve just got in the job and have decided to pause the process on the FOFA regulation to enable me to consult in good faith with all relevant stakeholders before pressing the go button on our changes,” he told The Australian Financial Review.

“We remain committed to implement the improvements to FOFA which we took to the last election as soon as possible.”

Industry Super chief executive David Whiteley said this intervention of the minister was a “timely circuit breaker and a victory for common sense.”

“Minister Cormann should be congratulated for this intervention. A return to consensus and industry agreement is exactly what the public and the industry needs.”