Industry Super Australia has welcomed the reappointment of Treasurer Scott Morrison Kelly O’Dwyer as the Minister for Revenue and Financial Services in the re-elected Turnbull government.

“We look forward to working closely and constructively with the Treasurer and Minister O’Dwyer regarding major changes to superannuation and financial services already foreshadowed by the Turnbull Government,” said Robbie Campo, deputy chief executive of Industry Super Australia.

“In particular, the 2016 budget reforms to make super more sustainable and equitable must remain a legislative priority in the next sitting of the new Parliament.

“New safeguards to address conflicted remuneration in the financial services industry, stronger product disclosure requirements and higher professional standards for financial planners are also essential, to ensure consumers’ best interests are being strengthened in the wake of life insurance and other scandals in the ‘for-profit’ sector.”

Ms Campo said ISA also looked forward to an evidence-based discussion regarding the Productivity Commission’s inquiry into the efficiency of the superannuation system and processes for default fund selection.

“The interests of members must remain front and centre to ensure super fund members, whether engaged or not, are well-served by quality, high performing funds,” she said.

“A large number of Australians rely on high-performing default funds to ensure a comfortable and dignified retirement.

“However, the poorer performance of many choice products and many SMSFs should flag the need for more effective consumer protections for members leaving or outside default arrangements. The best interests of members must remain firmly at the centre of any proposal to widen and strengthen the existing default safety net.”