Reforms to shake up super sector

Cartoon: Rod Clement.
Cartoon: Rod Clement
Margin Call

Treasurer Josh Frydenberg hasn’t lit the fuse yet — but, with some help from Graeme Samuel, a rocket will soon be put under the $2.8 trillion superannuation sector.

The Samuel report into the banking regulator APRA was commissioned by Frydenberg back in February when it looked set to be something for Chris Bowen to deal with in his first months as treasurer.

Then May 18 happened.

Now Frydenberg is leading the response to the recommendations made by former ACCC chair Samuel and his fellow reviewers AGL director Diane Smith-Gander and Grant Spencer.

One of the key recommendations is for APRA chair Wayne Byres and his deputy chair Helen Rowell — both of whom were given their second five-year terms by Frydenberg before the election — to take a more hands-on approach to regulating the superannuation industry.

Byres has said now is a “good opportunity” to appoint someone with expertise to join his executive team as APRA’s Grand Poobah of Superannuation (the current working title for the new role).

So who is it going to be? And will they have either a retail or industry fund pedigree?

Few things matter as much in The Super Wars.