STATEMENT FROM SAVE SUPER ART
Statement from Save Super Art - Art Collector
|Final Cooper Report Recommends Ban on Artworks in Super Funds|
Statement from Michael Fox, Save Super Art
|6 July 2010 | Save Super Art will continue its campaign against the harsh recommendations of the Cooper Review into Superannuation, which has now called for legislation to ban self-managed super funds from investing in art and a shorter time period for super fund art collections to be divested.|
Cooper now wants this ban on artwork purchases to apply from the moment it is legislated with no period of grace and for a period of only 5 years from the statute date for all super funds to sell their collections. Large APRA-regulated funds will be exempted from these changes.
Save Super Art will be holding meetings with the arts and superannuation ministries over the next two months, when the Government will be making their final determinations about the Cooper Review. The Shadow Minister for the Arts, Steven Ciobo MP, last week stated that a Coalition Government would rule out these recommendations: ''Only the Coalition supports a strong and sustainable superannuation system and a prospering Australian art sector. Labor believes they must be mutually exclusive.''
To make a comment about this issue please visit www.savesuperart.org.au.
We strongly believe that these recommendations, made without consultation, lacking evidence and directly contradicting other key tenets of the Cooper Review will never be legislated if the arts industry expresses its concerns loudly enough while there is time to do so.