The Productivity Commission has begun a review of legislation related to the superannuation industry.

The review, which will be reported back to Assistant Treasurer Senator Rod Kemp by the end of the year, is part of the Federal Government’s comprehensive examination of existing legislation.

All Commonwealth legislation that restricts competition or imposes costs on business is being evaluated against the guiding principle that the benefits to the community outweigh the costs. The review will decide if the objectives of the legislation can’t be achieved more efficiently through other means.

Unfortunately, the review won’t address taxation issues affecting the superannuation industry. Senator Kemp said the Productivity Commission will distribute an issues paper and invite expressions of interest.

The parliamentary Acts being examined have all been in force for about 10 years.