They haven’t been quite so explicit on the other measures we announced in relation to superannuation, and clearly they’ll oppose the Super Profits Tax. So there’s still a deal of work to do, to convince the parliament that these are worthwhile reforms, particularly going to 12 [per cent]. The legislation perhaps here would be simpler than the rather complex process of the financial planning reforms, but it would also need to be considered in relation to the broader tax reforms announced by the Government. And there’s a deal of consultation to go on around them. The most complex part of the legislative reforms we announced on May 2 would be the $500,000 threshold on the over-50s cap. That has a degree of complexity about it, which I need to do some consulting with the industry on, in relation to how to make that work. We did that with our eyes wide open, knowing it would be a process which we’d need to talk to industry about how it would work, and there’s going to need to be some changes in the way the Government does business in relation to tracking multiple funds, et cetera. I think that’s probably a good thing, in terms of a wider process of tracking down lost money as well.

So the timing is a bit of an open question, it depends on how much progress we can make in terms of the consultation and the legislative timetable. Colin Tate (director, ConexusFinancial): We have a number of original architects of the SG in the room. Garry Weaven’s here, along with Don Russell, and Tony Cole who was in Treasury back in those days. Can I have some comments about what the Government’s proposed, and perhaps any questions you may have in regards to the SG? Garry Weaven (chair, Industry Funds Management): Well, I have said, in one public statement, that if you take the measures together, the Bowen announcements and the response to Henry – I don’t want to call them Henry, because Henry was opposed to them, so we’ve got to find a new name for the Government’s initiatives that have nothing to do with Henry, it seems to me. But the Government announcements on Sunday, together with Chris Bowen’s earlier announcements, clearly are the most significant event for superannuation, and the system of superannuation, in 20 years. I know [Treasurer] Wayne [Swan] said ‘in living memory’ – it depends how old you are, I suppose. But they’re certainly very significant, and will become really significant if they’re passed.

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