In May 2009 the Government commissioned a review into the governance, efficiency, structure and operation of Australia’s Superannuation System (“Cooper Review”) to provide it with recommendations on how to make superannuation simpler, safer and more efficient. Key points of the Final Report are that: (i) the superannuation ‘system should still work to provide optimal outcomes’ for members who do not wish to be engaged; (ii) MySuper is ‘a simple, well-designed product suitable for the majority of members; (iii) SuperStream is ‘a package of measures designed to bring the back-office of superannuation into the 21st century. Its key components are the increased use of technology, uniform data standards, use of the tax file number as a key identifier and the straight-through processing of superannuation transactions’; (iv) there should be greater focus on the overall efficiency and transparency of the superannuation system. APRA should be given a standards-making power ‘as a tool for driving transparency and comparability of member outcomes’; (v) significant changes to the SMSF sector are not required; (vi) MySuper providers would need to show ‘sufficient scale to optimise outcomes for members’; (vii) a Code of Trustee Governance should be adopted; (viii) members should be able to ‘make “like with like” comparisons between competing superannuation products’; (ix) commissions should be ‘banned on all insurance products in super, including group risk and personal insurance’; and (x) each superannuation fund should provide greater disclosure on its website regarding ‘detailed financial and operational information about the fund (including its portfolio holdings) and about the fund’s management’.