Superannuation reform is in the air. The Productivity Commission’s draft report has proposed far-reaching changes. Amongst other reforms, people who don’t actively choose a fund would only ever have one default, assigned from a list of 10 “best in show” funds selected by an expert body. And the Government may be listening. The budget proposed amalgamating low balance, inactive accounts. And changing default arrangements for life and disability insurance through superannuation. These reforms follow from Grattan Institute’s reports, Super sting: how to stop Australians paying too much for superannuation and Super savings. The Financial Services Council, which represents “retail” super funds, life insurers, fund managers, trustees and advice licensees, is also a major player in the debate.
At this Capital Ideas event, Grattan Institute’s CEO John Daley and the CEO of the Financial Services Council, Sally Loane discussed the possible futures for Australia’s super system.
Sally Loane joined the Financial Services Council as Chief Executive Officer in December 2014. Prior to this Sally had a decade in the corporate sector, working at Coca-Cola Amatil as a senior executive. Her first career was in the media, where she spent 25 years as a broadcaster and journalist across radio, television and print. Sally is also a published author. Sally is a Director of Venues NSW, the Avner Pancreatic Cancer Foundation, Deputy Chair of the Committee for Sydney, Governor of the Cerebral Palsy Research Foundation, Ambassador for Business Events Sydney and a member of Chief Executive Women. Sally was the first female director of Waratahs Rugby and served on the board for seven years. She also chaired the Salvation Army’s Sydney East Doorknock Appeal from 2008-2011 and was a Director of SCEGGS Darlinghurst for 12 years.
John Daley has been CEO of the Grattan Institute since it was founded nine years ago. He has published extensively on economic reform priorities, budget policy, tax reform, housing affordability, and generational inequality. He has worked at the University of Oxford, the Victorian Department of Premier and Cabinet, consulting firm McKinsey and Co, and ANZ Bank in fields including law, public policy, strategy, and finance.