The Australian Senate passed a motion this week not to pass laws that 'act as a disincentive for DIY superannuation funds to invest in Australian art', according to Save Super Art campaign co-ordinator Michael Fox.

The motion read as follows:

The Senate:

a) Notes:

i) That the Cooper Review into superannuation last year recommended that private investment in art no longer be eligible investments for DIY Superannuation schemes;

From Michael Fox, Campaign Coordinator, Save Super Art: Dear All, Please find below a Campaign Media Release from the ALP.  We are pleased to announce that all three major political parties in Australia have now reached a consensus position to rule out the Cooper Report proposals to ban artworks from SMSFs.

As such the Australian art market can return to a state of certainty for the first time since these recommendations were made public on April 29.

Courtesy Michael Fox and the Australian Art Sales Digest: The final report of the Cooper Review in Superannuation, delivered to government yesterday has now called for legislation to ban self-managed super funds from investing in art and requested a shorter time period for super funds art collections to be divested that it previously recommended in April.

The Australian art market and many art collectors are reeling at the news that a recommendation has been made to the government to bar self-managed super funds (SMSFs) from purchasing artworks.  This was detailed in the final preliminary report of the Cooper Review which was asked by the Federal Government to examine and analyse the governance, efficiency, structure and operation of Australia's superannuation system.