Hume slams superannuation circusBY KARREN VERGARA | MONDAY, 15 FEB 2021 12:30PMSenator Jane Hume has slammed the spectacle within the superannuation sector and the conflicting views from executives and industry bodies, which she says is the most "frustrating" part of her job. Related News |
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David Woodall
CHIEF EXECUTIVE OFFICER, SUPERANNUATION
INSIGNIA FINANCIAL LTD
INSIGNIA FINANCIAL LTD
Facing his greatest test yet in metamorphosing MLC Super, Dave Woodall is adamant the juice will be worth the squeeze. Jamie Williamson writes.
I sympathise with Senator Hume's frustration.
We have evolved processes (such as superannuation) designed to respond to the ageing of the community (more particularly males) but without any significant harmonisation between the various 'silos' of federal and state departments.
Treasury has responsibility for tax, super and financial advice while age pensions, disability, housing and families sit within the Social Security monolith. The Human Rights Commission - an independent entity - reviews elder discrimination in its six most recent reports. The Health Department oversees community wellness, medicines, and medical research. A string of federal and state bodies deal with end of life issues, covering medical, legal and ethical concerns. Finally, Aged Care has been subsumed into Health, partly a response to the forthcoming Royal Commission report.
The ageing of the community is bringing about the biggest social change we are likely to see in a generation, yet for the most part the vital dialogues seem to remain within the silos. We are also singularly ineffective in explaining to older people how their future may evolve individually and what each can do to make the best of the rest of their life.
It's long overdue that strategies in this space should be overseen and co-ordinated by a single set of principles which outline agreed responses to increasing longevity - housed in an 'untouchable' entity reporting to the Cabinet of the day, perhaps called the Longevity Commission. Its establishment should be a bipartisan affair.
The cost would be relatively insignificant. It would ensure that the huge bonus available from informed and productive ageing accrues more visibly within the community and underpins proper support for those less fortunate. Perhaps the Senator could lead the charge.