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At an industry luncheon hosted by the Financial Services Council last week, Shorten spoke about his support for the government's proposed superannuation reforms.

"I'd like to talk about the reforms the Gillard Government is committed to delivering for our superannuation system - and consequently, what we stand for. The bottom line is well-known: our superannuation system is the best in the world. But there are some things we can do to improve," he said.

Increasing SG to 12% will potentially benefit 8.4 million hard-working Australians, it really is the next big move.

On top of the raising SG, he also called on the industry to back MySuper which was a recommendation from the Cooper Review. MySuper will be a low-cost, no-frills, default fund that funds will need to offer.

The perceived benefit of MySuper is that it will lift standards that apply to default funds and make it easier for members who do not wish to be active in managing their super.

Shorten did stress that MySuper products will not be compulsory either for funds or for members.

For more information regarding the review and its progess please visit www.supersystemreview.gov.au.