ABA DISAPPOINTED THAT SUPERANNUATION CHOICE LEGISLATION FAILS TO PASS IN SENATE Lost opportunity for consumers Sydney, 8 August, 2001: The Australian Bankers' Association (ABA) said the failure of the Superannuation Choice Legislation to pass through the Australian Senate is a lost opportunity for consumers. ABA Chief Executive David Bell said the Australian banking industry is disappointed and will be continuing to work with all politicians involved in the debate to see if there is some way to ensure that this important legisaltion is passed. "The legislation would have allowed super fund members to choose their own fund rather than bring tied down to one employer or industry fund," Mr Bell said. "This would have benefited consumers and as they need to have greater control and choice because of the compulsory nature of the super regime, " he said. "The legislation would have given consumers greater control over their retirement savings, for example, the ability to select super funds on risk-return preferences and would have allowed adaptation, if circumstances change." "The Australian banking industry hopes the legislation can be re-visited in the future, as it remains important for increasing competition between superannuation funds and enhancing efficiencies. This is crucial when saving for retirement because a reduction in fund management costs could translate into higher returns for consumers and the benefits compound." For Further Information Contact:   Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439   ENDS