Superannuation policy processes: the case of MySuper and SuperStream

The Australian superannuation system has been praised as one of the best in the world. Yet a major review by the Cooper Committee in 2010 found numerous problems that have been undermining the performance of the system, proposing a number of recommendations for improvement. The subsequent adoption and implementation of two such recommendations saw the introduction of 'MySuper' and 'SuperStream' by the government resulting in the most significant reform in the superannuation industry since the introduction of the Superannuation Guarantee (SG) in 1992. This paper critically analyses: the relevant Deloitte; and Financial Services Council and Ernst and Young's report used to support this major reform. It is concluded that the scope of these studies is limited and they are predominantly constrained to industry funds and are presented by interested players, limiting their ability for full representation. A call for independent academic research is made.