Fairer Retirement Summit

ASA is a founding member of the Alliance for a Fairer Retirement System, which held a Summit at the end of October in Sydney. The Summit explored the implications of the proposal from the Australian Labor Party (ALP) to change the policy on refundable franking credits, as well as broader issues relevant to retirement.

Speakers at the Summit included:

  • the Assistant Treasurer, the Hon Stuart Robert MP
  • Tim Wilson, Chair of the Standing Committee on Economics Inquiry into Refundable Franking Credits
  • Geoff Wilson AM, Chairman, Wilson Asset Management, and 
  • Robert Gottliebsen, journalist with The Australian and Business Spectator. 
  • Two panel discussion were also held:
    • one moderated by Professor Deborah Ralston, with panellists Geoff Wilson; Associate Professor Geoff Warren from the ANU; and Don Hamson, Managing Director, Plato Investment Management
    • our CEO, Judith Fox, moderated the second panel, with panellists John Maroney, CEO, Self Managed Super Fund Association; Ian Henschke, Chief Advocate, National Seniors Australia; and Lynn Ralph, former Deputy Chairman of the Australian Securities and Investments Commission and inaugural CEO of the Financial Services Council.

The Alliance invited multiple members of the ALP to speak at the Summit so that we could ensure all voices in this debate could be heard, but all invitations were declined.

The Alliance is focused on:

  • Fairness
  • Adequacy
  • Certainty
  • Sustainability

The Summit emphasised that Labor’s proposal to deny people their full tax refund would reduce the adequacy of incomes in retirement, would be unfair in terms of taxing different individuals on the same income at different rates, increased the uncertainty surrounding retirement incomes, and was a threat to the sustainability of the retirement income system by encouraging self-funded retirees to resile from self-sufficiency and move onto the age pension.

The Summit generated media attention on the issue of refundable franking credits. ASA members can find these media articles here.

The Alliance has lodged a submission with the House of Representatives Standing Committee on Economics Inquiry into Refundable Franking Credits.

 Philip Kewin, CEO, Association of Financial Advisers; Wayne Strandquist, Chairman Advocacy Committee, Association of Independent Retirees; the Hon Stuart Roberts MP, Assistant Treasurer; Judith Fox, CEO, ASA; Professor Deborah Ralston, Chair, SMSFA; and Andrew Green, Managing Director & CEO, Stockbrokers and Financial and Financial Advisers Association

About the Alliance

The Alliance for a Fairer Retirement System is a group formed to represent millions of senior Australians, shareholders, self-funded retirees and those planning a sustainable retirement, including over one million members of self-managed super funds. The Alliance was formed in response to Labor’s proposal to disallow refunds of excess franking credits for a range of retirees and shareholders. The Alliance’s focus is to explore options to fix problems with the existing superannuation taxation, Age Pension means testing and broader retirement income systems.

Find out more

The organisations that form the Alliance include:

  • Association of Financial Advisers
  • Association of Independent Retirees
  • Australian Investors Association
  • Australian Listed Investment Companies Association
  • Australian Shareholders’ Association
  • Gold Coast Retirees Inc.
  • National Seniors Australia
  • Self-managed Independent Superannuation Funds Association
  • SMSF Association
  • Stockbrokers & Financial Advisers Association
  • WA Self Funded Retirees