CHAIR (Mr Baird) —I declare open this public hearing of the House of Representatives Standing Committee on Economics, Finance and Public Administration of the inquiry into the superannuation savings of people under the age of 40. The inquiry was referred by the Minister for Revenue and Assistant Treasurer, the Hon. Mal Brough, on 12 May 2005. To date, the inquiry has received 64 submissions from various parts of Australia. Submissions have been received from individuals, interest groups, governments, policy developers, industry and unions. Copies of these submissions are available on the committee’s website. The committee’s inquiry focuses on the early years of saving for retirement incomes, incentives in place to save, the disincentives or barriers to saving, and the need to increase the awareness of the importance to save for retirement. Given recent studies into the impacts of an ageing population in Australia, it is timely to consider the financial wellbeing of the under-40 age group when they reach retirement age. Today, we will be hearing from representatives of the Australian Treasury, the Department of Families, Community Services and Indigenous Affairs, the Department of Industry, Tourism and Resources, Certified Practising Accountants Australia, the Australian Industry Group, Mr Noel Whittaker of Whittaker Macnaught and an individual, Mr Anthony Zeitoun.

[9.12 a.m.]