I am heartened that the ISI sleeping giant is slowly but very surely beginning to emerge and taking up the leadership role that has been vacant. In support of this let me briefly list the steps that are being taken.
1. The commissioning of The ISI Report on Retirement Savings: A Wake-Up Call was the first major step forward by the ISI.
2. However, commissioning a report is one thing, using it constructively is another. We are now actively promoting the report and its findings. We have circulated the report to the Prime Minister’s Enterprise Council and a wide selection of business leaders. We are seeking every opportunity to inform business and to bring the captains of industry into the debate. The responses have been very positive. As an industry body we are also taking a closer and more active involvement with other industry groups.
3. We have prepared several articles for publication in newspapers throughout the country. Calling upon the report and research, these articles are designed to educate the public on the demographics of an ageing population and the likely impact on Government expenditure as a percentage of GDP. In particular people need to be aware of the risks of continuing to do nothing and the intergenerational transfers that would pass to their children and grandchildren.
4. The ISI is meeting with the political parties to discuss their superannuation policies. These meetings are progressing well with good response from most parties.
5. The ISI will be speaking out without fear or favour in support or in critical terms, as is appropriate, on political announcements and statements that appear in the lead up to a general election.
The ISI has a new board that has clearly identified superannuation and tax neutrality as the key issues for 1999. The board is united in its conviction to drive Government to develop policy that has multi-party and public support.
6. The ISI is the only industry body that is an integral part of a taskforce working with bureaucrats, politicians and the Office of the Retirement Commissioner, on further research to assist the development of policy.
7. The ISI is working on several initiatives for launch early in the New Year to increase the momentum that is being generated.
In summary we agree that the savings industry needs, with a high degree of urgency, to bring pressure to bear on politicians to come up with long term sustainable policies that provide certainty. The ISI has already gained considerable traction in positioning itself as the industry leader. We are keen to work with all the other participants in the savings industry and we will be seeking to accelerate our lobbying of politicians early in the New Year.
Vance Arkinstall is the Acting Chief Executive of Investment Savings & Insurance Association.
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