Vision for the futureBY LINDA HAUSKEN | THURSDAY, 2 AUG 2012 11:15AMFinancial services minister Bill Shorten said that by 2017, the industry will be unrecognisable, predicting the age of commission-free super and greater convergence of retail and industry super funds. |
Editor's Choice
Cbus rolls out death benefit nomination changes
Cbus will roll out changes to death benefit nominations, which include scrapping nominations that expire in three years.
Guardians farewells head of asset allocation
The Guardians of NZ Super has named a new head of asset allocation to replace Charles Hyde, who is leaving to take up a role abroad.
IFS recovers record $250m in unpaid super
Industry Fund Services (IFS) has recovered a record $250 million in unpaid superannuation in the 2025-26 financial year, bringing its total recoveries to $2.5 billion since the service commenced.
Betashares launches diversified ETF suite
Betashares has expanded its core investment range with the launch of four diversified exchange traded funds.
Further Reading
Products
Featured Profile

Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.







11% is not enough, secondly employers will eventually say no more. Commission free advice with 80-85% of so called advisers employees of banks and union based super funds with greater govenance, I'd like to see that.
What will be even better than what Shorten thinks is that the Federal Government will not be recognisable at that time as Labor will have been reduced to a political non-event.
In investments, he encouraged more should go offshore. "Ideally, fund managers should become less timid about looking at emerging markets, because in five years' time, what we call emerging markets will become merged markets."
I had no idea he was qualified to give this advice?
Tell that to every client I have over 50 who, because of Shorten halving the concessional contribution limits, can't get enough into super to make a comfortable retirement a reality.
We should be handing out how to vote cards when we have these discussions with our clients.
Shorten gets quote of the week - "emerging markets will become merged markets", what are all emerging markets going amalgamate, Bill? Surely he me means emerged as opposed to merged... Another successful Shorten press release
He's right that the industry won't be recognisable in 2017- thanks to him.
The really sad bit is that they don't realise that they just don't get it. I hope you are right Laurie Pennell.
Dairy cows give milk, but Shorten Cows give cash !
My only comment is to be careful to what you wish for.
Perhaps these latest odds of the next election result will afford many of these Australians some comfort...
Coalition $1.10
Australian Labor Party $6.00
Some telling comments here, there appears to be quite a bit of despair and cynicism with Mr. Shorten and the current government, surprise, surprise! Consumers and advisers are fed up with the chopping and changing to superannuation. Yes it is a cash cow for government but shouldn't it be for us and our retirement?
No commision super but the industry fund ex union managers are in for their chop.
Agree Laurie, this Labor shambles facing political oblivion and can't come soon enough.