Speech at the opening on 18 November 2015 of the Association of Superannuation Funds of Australia (ASFA) annual conference at the Convention Centre, Brisbane.
Good morning and welcome to the 2015 ASFA Conference.
A very warm welcome to partners, exhibitors, delegates, and guests.
This year we also welcome 82 international guests from 16 countries – including China (16), France (2), Hong Kong (6), Kingdom of Tonga (8), Kiribati (2), Korea (1), New Zealand (8), Norway (1), Papua New Guinea (17), Samoa (1), Scotland (1), Singapore (6), Tuvalu (4), United Kingdom (5), the United States of America (4).
I particularly extend a warm welcome to our 276 first timers and our many emerging leaders in the audience.
The number of participants this year is over 1,900, a record, reflecting a growing understanding that we must thrive in an environment that is uncertain, volatile, competitive, rapidly changing, and disruptive.
But first, a “welcome to country”. I am sure everyone here, ASFA, would like to acknowledge and pay respect to the traditional custodians of the land upon which we meet. I would like to respectfully acknowledge the traditional owners, the Turrabal and Jaggera people of the Brisbane region and elders both past and present.
I would like to thank all of our commercial partners for this year’s conference, as without their support we could not stage an event like this. Our premium partners in 2015 are:
Major Partners
- TAL
- Link Group
Supporting Partners
- Bravura Solutions
- Challenger Limited and Fidante Partners
- DST
- IFM Investors
- MetLife
- Mercer
- StatePlus (formerly State Super Financial Services)
Opening Keynote Partner
- NAB
I am honoured to be your first independent chair of ASFA, as part of your decision to change your peak body governance structure.
ASFA is a co-operative force with no natural enemies. We work in the best interests of members. I had conversations with Peter Costello, Chris Bowen, and Josh Frydenberg before taking this role. They all spoke in glowing terms of ASFA’s advocacy as the Voice of Super. We are respected and credible. ASFA has the reputation of being someone you can deal with.
We are thought leaders, standing on the shoulders of giants. We navigate a policy ocean brimming with challenges and opportunities presented by issues including post-retirement, system objectives, efficiency & competitiveness, and tax reform.
On tax reform, I think that Louis XIV’s finance minister, Jean-Baptiste Colbert said it best when he said “the art of taxation consists in so plucking the goose as to obtain the largest possible amount amount of feathers with the smallest possible amount of hissing.” Frankly, I interpret this to mean that if we are noiseless we will all be plucked unmercifully. No so-called “reforms” harmful to the industry will see us go silent. Our voice, representative, coherent and strong, must be heard.
We need to be united as an industry and bring evidence-based policy recommendations to the table.
We need to frame and focus debate on the retirement needs of Australians, not just the budget balance.
We need to put the members first.
Superannuation already saves the government $7.0 billion in Age Pension expenditure annually and these savings will significantly increase as the system matures.
Superannuation makes a major contribution to Australia’s relatively high saving rate. That was the ballast that saved us in the GFC.
We should never be afraid of change. Our industry is dynamic. We want to be at the forefront of thinking about making a good system better.
On the issue of governance, I am aware that our positions on governance have been controversial, however, we need to take and be seen as taking positions based on best practice policy. On the issue of reinstating equal representation and 2/3 voting on the legislation, I can assure you that our voice was strong and credible.
It is now my pleasure to introduce someone who never stands still and who represents an ambitious, “for the member” business philosophy, Ian Silk, Chief Executive of Australian Super, to give the industry oration. Ian is about to speak on a “thriving future.”
