Ministerial announcements

Historic announcement of a Mutual Recognition of Securities Regulation Arrangement with the US Securities And Exchange Commission [MR 2008/53]

On 25 August 2008 the Minister for Superannuation and Corporate Law, Senator the Hon Nick Sherry, announced the signing of a world-leading mutual recognition arrangement between Australia and the United States that will pave the way for easier access by investors and financial markets to each other's financial systems.

The arrangement will provide greater access to United States markets for Australian investors, while maintaining strong investor protection and ensuring market integrity.  It will also make Australian markets more attractive and accessible to investment from the United States.

This will mean that retail investors in Australia will be able to access the U.S. market directly through Australian brokers and enjoy Australian regulatory protection.

Government announces new approach for temporary residents' super [MR 2008/50]

On 8 August 2008, the Minister for Superannuation and Corporate Law, Senator the Hon Nick Sherry announced the final form of the Government measure to require temporary residents' superannuation to be paid to the Commonwealth.

Unlike the initial measure, employers will now be able to make their Superannuation Guarantee payments for temporary resident employees into funds in the same way as for any other employee.  Therefore, temporary residents' superannuation will continue growing in the superannuation fund while they are in Australia, rather than being swept out annually as originally proposed.

The Government will use the existing unclaimed superannuation arrangements to transfer the account balance of temporary residents six months after they depart Australia and no longer hold a visa, if the person has not claimed their super on departure.

Information for Indigenous People on Superannuation [MR 2008/49]

On 4 August 2008, Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, welcomed the updated edition of Super and Us Mob - an Australian Securities and Investments Commission (ASIC) booklet about superannuation aimed at the Indigenous community.

Super and Us Mob is a free booklet designed to help Indigenous super fund members better understand superannuation and to make the most of their savings," Minister Sherry said.

The booklet, first published in 2006, uses stories about different people in different work situations and at different life stages.  It focuses on entitlements to superannuation, finding lost superannuation, providing tax file numbers, insurance and death benefits.