The Association of Superannuation Funds of Australia (ASFA) is encouraging Treasury to adopt a collaborative approach similar to the one used for the SuperStream initiative, which saw the creation of a SuperStream Advisory Council. This precedent involved industry leaders providing expert advice to ensure the effective implementation and oversight of the SuperStream program, which improved superannuation data and payment standards.
ASFA highlighted the success of the SuperStream Advisory Council, emphasizing its role in delivering practical and timely guidance that was crucial to the initiative's success and enhanced outcomes for superannuation members. They recommend establishing a similar group to facilitate the Payday Super reforms, comprising senior figures from major industry stakeholders.
Such a collaborative structure would provide strategic and technical guidance to the government and the Australian Taxation Office (ATO) on critical operational and design aspects of the reform. According to ASFA, this cooperative strategy is essential for the seamless implementation of the new payday super requirements, ensuring lasting improvements for fund members.
