The Senate has this evening passed legislation that will deliver on the Government's 2010 election commitment to introduce a new simple, low‑cost default superannuation product called MySuper.

“Australia’s superannuation savings pool stands at $1.46 trillion and grew 13 per cent over the year to September 2012. You hear a lot of doom and gloom, but the fact our retirement savings grew at a double-digit rate should give Australians confidence.” Mr Shorten said

The Government’s MySuper reforms will put downward pressure on fees and is a significant step towards enhancing the arrangements for worker's retirement savings.

The Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 passed the Senate this evening. The Bill establishes the core framework for MySuper products, which will replace existing default investment options in superannuation funds from 1 July 2013.

"The first two tranches of MySuper legislation have now passed the Senate. We will work constructively with the Opposition, Greens and cross-bench to ensure the remaining two tranches are passed as soon as possible." Mr Shorten said.

MySuper products will provide a default superannuation product that all Australians can rely on. It will be limited to a common set of features to make it easier for members, employers and other stakeholders to compare performance across MySuper products, putting downward pressure on fees.

Mr Shorten’s Media Contact: Sam Casey 0421 697 660