No freeze but yes to changes: Cormann A COALITION government would leave the door wide open to making positive changes to superannuation, opposition financial services spokesman Mathias Cormann said yesterday. In contrast to Financial Services Minister Chris Bowen's commitment on Wednesday to a five-year freeze on tax changes to super, Senator Cormann said: "Let me say very clearly, no thank you -- we won't." Mr Bowen said after his announcement that interest groups hoping for changes to super "can't have it both ways" under the new regime, which would also see superannuation taken out of the traditional budget cycle and subjected to an independent review system every five years. Senator Cormann did not comment on Mr Bowen's move to create a Council of Superannuation Guardians to consult on possible changes every five years but said it was "wrong and irresponsible" not to make positive changes to superannuation as and when required. He set out a list of changes to super policy that a Coalition government would implement if elected, including a commitment to revisit the relatively low $25,000-a-year cap for concessional (pre-tax) voluntary contributions to superannuation "when the budget is back in a position where we can afford it." Five years ago the cap was $50,000 a year, a level that significantly helped older savers build a larger super nest egg for when they retired; currently the maximum cap is $35,000 a year and that is only available to savers over 60. Senator Cormann also said the Coalition would revisit the issue of super co-contributions for lower-income earners on the same basis, in the wake of Labor government criticisms that the $500-a-year assistance for people earning less than $37,000 a year would be taken away if the Coalition won office. Senator Cormann and Tony Abbott have stated that they would not introduce any unexpected changes to the detriment of superannuation during the first full term of a Coalition government, but a cut to co-contributions is clearly expected. Senator Cormann focused on what he considered inequities in the default superannuation system, describing the recently introduced system requiring product providers to submit them to a panel inside Fair Work Australia as a "discredited, non transparent and anti-competitive arrangement." He believes that system, which links default super choice to industry awards, gives an advantage to the not-for-profit industry funds and also said that a Coalition government would move to improve corporate governance in industry funds in relation to their directors' independence and how the boards managed conflicts of interest. Senator Cormann said there were also elements of the recently introduced Future of Financial Advice legislation, aimed at ending the payment of commissions to advisers, that he wanted to see changed. After saying that FoFA was "not all bad," he foreshadowed the complete removal of the "opt in" rule that forces advisers to be formally re-engaged every two years by their clients. "We already have the legislative changes drafted," he said, noting that he could "hit the ground running" to effect the changes if the Coalition won the election.