The group is now well positioned to move ahead by further leveraging the global expertise and reach of our parent ING, particularly in providing our clients with access to international investments. As Australians seek to invest more internationally to achieve greater growth potential and to diversify risk we believe they will want to do so with an organisation with long-standing international connections and global capability. If you are investing in Europe or North America you really need expertise on the ground in those places and through ING we can provide that. Mr Atfield said that Australia has a very strong and competitive financial services sector but that superannuation now needs further reform, which has broad-based support. The superannuation system has established a base level of retirement savings for individuals and the nation, and created a growing pool of investment capital that has helped make Australia a substantial participant in global financial markets.
People support the concept of superannuation.
It is their money and their retirement savings. What they don't support is the confusing complexity, the Government using it as a revenue cash cow and the lack of clear and consistent incentives. The financial sector has supported and cooperated with the Government's plans to unify and streamline the industry's regulatory framework, as well as the major tax reforms. According to Mr Atfield the role of financial institutions is as important as ever while the products and service delivery continue to change. Financial institutions and advisers have moved from a paternalistic role to one of partnership and empowering clients to make informed choices about their financial future.