New e-commerce and data standards have been proposed by Shorten. He says this will reduce the time to process superannuation contributions and rollovers.

Shorten says the Government is committed to increasing superannuation contributions to 12 per cent. By 2050 about one in four Australians will have reached retirement age, compared with one in seven today.

The minister was not available for an interview.

Shorten says the Government will work with employers, employees, consumers and funds to develop the proposed changes into legislation.

“We’ve had detailed negotiations with the government and support its passage through parliament,” says John Brogden, chief executive of the lobby group Financial Services Council.