A crisis will redirect the order of things, and this crisis will surely live up to expectations.
The lazy areas where money leaks out or pools-up can no longer be hidden. Meanwhile, layers of monetary and fiscal stimulus are being provided to somewhat limit the pain of a fast approaching sharp recession. Don’t rule out the possibility of social unrest.
This is superannuation’s moment to be reframed, to be recast, pulled apart, and possibly rediscovered. The purpose of superannuation is being questioned like never before and its performance (investment and operational) is being scrutinised by politicians and mainstream media.
This rediscovery will begin at the end of this month, on March 31, in the middle of a pandemic and on the verge of a deep recession and financial crisis.
Via live broadcast this coming Tuesday, the combined the super and advice industry will come together to be part of Professional Planner & Investment Magazine’s digitally live streamed event: “Superannuation and retirement in crisis”.
Governments are at this moment making trade-offs between pulling down harder on the stimulus lever, or prioritising the preservation of retirement savings and the system generally. A government in crisis mode with one eye on the economy and the other on the health crisis will surely feel empowered to keep the stimulus flowing.
Hon. Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, will open the conference in a 30 minute Q&A covering what’s topical relating to crisis measures and superannuation rules. This is Senator Hume’s first presentation since the significant economic ramifications of the coronavirus crisis have started to become clear.
Geoff Lloyd, CEO of one of the country’s largest super fund MLC, who is also chair of the Financial Services Council (FSC), speaks about leadership in a crisis, provides insight into the backroom emergency industry-government discussions, and contemplates the future in an uncertain moment in time.
The FPA’s CEO Dante de Gori and Willis Towers Watson’s Nick Callil dissect the government and industry’s movements.
The Grattan Institution’s John Daley squares off with Mercer’s David Knox over the importance of super and whether Australia has outgrown – or is still growing into – its retirement savings legacy.
While economic growth prospects remain unclear, but clearly impaired, the rebasing of everything will open a door of opportunity for funds and advisers to rethink concepts like ‘price’ and ‘value’ – whether it relates to their investment portfolios or business models – and start investing for a future that all Australians want to live in.
Content from the 2020 Retirement Digital Conference is now available on our digital content hub, that includes the live stream video recording from each session, an exclusive podcast series, papers, speaker presentations and our editorial coverage of the event. To register for access to the hub, click here.