The superannuation debate has decidedly shifted. The federal government's decision to ban commissions has finally quelled the longstanding dispute over advisers and conflicts of interest.
Now the super industry is gearing up to challenge another contentious issue. The debate this time is not within the industry, but with executives of Australia's large, powerful mining companies.
The mining sector's decision to contest the resource super profits tax (RSPT) threatens the super benefits package announced by the government.
The superannuation concessions are inexorably linked with the implementation of the RSPT, including the superannuation guarantee (SG) hike to 12 per cent.
But it's not just the fact the super benefits hang in the balance that has irked some in the superannuation industry - it is also claims made by the mining lobby group that the RSPT will adversely affect the retirement savings of Australians.
Industry Super Network chief executive David Whiteley swiftly moved to offset the mining sector's claims.
Whiteley said claims made by the Minerals Council of Australia that the government's tax change will hurt workers' retirement savings simply do not stand up to scrutiny.
He called for the big mining companies to negotiate the implementation details behind the tax with the government rather than "trying to mislead Australians over the impact on their super nest egg".
The debate was further intensified as the opposition joined the mining sector in voicing its opposition to the tax.
The opposition has also made it clear that it won't increase the SG to 12 per cent.
Australian Institute of Superannuation Trustees chief executive Fiona Reynolds warned that super policy must "not get lost in the debate in the mining industry".
Reynolds said the industry must stay focused and maintain one voice so that in the end "good policy will win out".
The industry certainly looks like keeping one voice. The Investment and Financial Services Association (IFSA), the representative body of the wealth management sector, has joined the super sector in pushing for the implementation of the super benefits package.
IFSA chief and former liberal pollie John Brogden criticised the opposition over its policy to keep the SG at 9 per cent.
"This is a bad outcome for Australians and their retirement incomes. Australians need more superannuation if they are to get anywhere near an adequate retirement," Brogden said.
The wealth management and super industries understand their crucial role in the Australian economy.
Brogden recently quipped at an IFSA breakfast: "The financial services sector plays an important role in the Australian economy. It is in fact larger than the mining sector."
