SIAG Key Messages March 2014

The Superannuation Industry Advisory Group (SIAG) met for the second time in Sydney on 13 March 2014 with guest speakers in attendance from the Financial Systems Inquiry.

Minutes of the 3 December 2013 meeting were accepted.

Agenda Topics discussed included:

  • Financial System Inquiry – Craig Dunn and John Lonsdale attended to provide the committee with an outline of the Inquiry process
  • Report back from committees
    • Outcomes from the Superannuation Industry Relationship Network (SIRN) 18 February 2014 meeting
    • SuperStream update
  • Environmental scans were provided by the ATO, APRA, ASIC and Treasury, Industry Super Australia, Institute of Chartered Accountants and Mercer.

Government Updates - Environmental Scan

Government Updates


The Chair, Deputy Commissioner Alison Lendon spoke about the ATO’s new Consultation arrangements and a review that was undertaken of the peak tax forum - National Tax Liaison Group (NTLG). Updates were provided on environmental ATO matters.


Paul Tilley and Marty Robinson from Treasury provided a brief update on the priorities of the Government.

Treasury advised that the Government’s current priorities are delivering on election commitments, progressing the announced un-enacted legislation and managing the Budget.


Helen Rowell advised that APRA’s focus is on implementation of the prudential framework and how it is working in practice.


Alex Purvis noted that ASIC’s focus is on implementation - looking for balance between well informed consumers, legal requirements, compliance and costs to industry.

Industry Update

David Knox from Mercer noted:

  • good investment returns seen over the last 12-18 months
  • uncertainty among funds as to where the industry is going over the next 2 years

David Whitely from ISA discussed:

  • three issues identified in the current landscape for superfunds and members
    • transforming system from retirement savings to retirement income system
    • role of super in the economy
    • uncertainty in the industry
  • Industry working together to ensure the system is as good as it can be and understood amongst the community

Liz Westover from ICAA focused on themes and discussions that have been coming up among members:

  • SuperStream - still some misunderstanding where it applies and who it applies to
  • Government regulation paper
  • Income streams - huge support for review

Financial System Inquiry (FSI)

Mr Craig Dunn, member and Mr John Lonsdale, secretary (FSI) attended and outlined the process of the Inquiry. They facilitated a discussion with members to understand different perspectives, key issues within superannuation and looked at where Superannuation sits within the financial system.

An interim report will be released by midyear. A final report will be provided to the Government by November.

Committee Updates

Superannuation Industry Relationship Network (SIRN)

The SIRN met for the first time in Canberra on 18 February. The focus was on reducing red tape and regulation.

Stuart Forsyth, Assistant Deputy Commissioner led the SIAG through the red tape reduction suggestions and priorities and asked the SIAG to validate the priorities and highlight any areas which may have been missed.


Philip Hind, National Program Manager ATO provided a brief update on the SuperStream Reference Group (SSRG). The 7 March meeting's focus was on critical issues currently being surfaced during implementation and proposed changes to the legislative instrument.

Action Items

Action Item 20140313-1

The committee agreed that a holistic view of the superannuation system was needed to develop a vision around needs and stability.

  • The regulators will develop a process for the next SIAG to commence work on the vision.

Action Item 20140313-2

The committee agreed that the SIAG should conduct a focused discussion on the Interim Financial System Inquiry report when it is released in June/July.

  • The ATO and Treasury will check the timing of the report and work with the FSI committee to convene a discussion with the SIAG members.

Action Item 20140313-3

The ATO will commence work around the SIRN ‘Reducing Red Tape and Regulation’ priority list following input from SIAG members and will report back to the committee on progress.

Action Item 20140313-4

Industry advised there is a lot of support for the Government’s review on Income Streams and Post Retirement. The committee agreed there was a need to look at the system more broadly and not just from a tax view, with more of a focus from a consumer perspective.

  • The ATO will look into convening a SIRN to consult and review the Government’s discussion paper.


Australian Taxation Office





Alison Lendon, Deputy Commissioner, Superannuation (Chair)

Philip Hind, Deputy Commissioner, Superannuation

Stuart Forsyth, Assistant Deputy Commissioner, Superannuation

Megan Yong, Assistant Deputy Commissioner, Superannuation

Nicole Dykstra, Assistant Commissioner, Superannuation

James Savage and Catherine Barrett (Secretariat)


Paul Tilley

Marty Robinson

Australian Prudential Regulation Authority (APRA)

Helen Rowell

Australian Securities & Investment Commission (ASIC)

Alex Purvis

Australian Bankers’ Association (ABA)

Diane Tate

Australian Institute of Superannuation Trustees (AIST)

Tom Garcia

Association of Super Funds Australia (ASFA)

Fiona Galbraith

CPA Australia

Stuart Dignam

Financial Planning Association of Australia (FPA)

Dante De Gori

Institute of Chartered Accountants in Australia (ICAA)

Liz Westover

Industry Super Australia (ISA)

David Whiteley

Law Council of Australia (LCA)

Suzanne MacKenzie

Industry Expert (Mercer)

Dr David Knox

SMSF Professionals’ Association of Australia (SPAA)

Graeme Colley

Financial Services Council (FSC)

Andrew Bragg

AMP and rep for Actuaries Institute

Melinda Howes

Financial System Inquiry

Craig Dunn (FSI Committee member)

Financial System Inquiry Secretariat

John Lonsdale (Head of FSI Secretariat)

Financial System Inquiry Secretariat

Vicki Wilkinson and Kylie Bourke



Meghan Quinn

Association of Super Funds Australia (ASFA)

Pauline Vamos

Australian Chamber of Commerce and Industry (ACCI)

Dick Grozier

Australian Securities & Investment Commission (ASIC)

Gerard Fitzpatrick

Financial Planning Association of Australia (FPA)

Mark Rantall

CPA Australia

Alex Malley

SMSF Professionals' Association of Australia (SPAA)

Andrea Slattery


    Last modified: 11 May 2016QC 48953