ROOT
Government plans to name and shame super funds
Poorly performing superannuation funds have been put on notice and could be banned from taking new members’ money under changes flagged under the government’s “Your Future, Your Super” initiative.
Government plans to name and shame super funds
Poorly performing superannuation funds have been put on notice and could be banned from taking new members’ money under changes flagged under the government’s “Your Future, Your Super” initiative.
Under the changes to the superannuation system announced by Treasurer Josh Frydenberg as part of the federal budget, superannuation funds will be forced to meet a minimum standards test with the data to be used in an online comparison tool called Your Super.
In his speech, Mr Frydenberg said cracking down on underperforming superannuation funds will pocket Australians workers $17.9 billion over the next decade.
“Poor performing funds will have nowhere to hide and will be required to notify their members of their underperformance,” Mr Frydenberg said during his budget announcement speech.
The Treasurer also flagged changes for members changing jobs, with the superannuation system not automatically creating a new superannuation account for the employee.
Mr Frydenberg pointed out the $450 million in unnecessary fees members were paying on 6 million duplicate accounts.
“There is now $3 trillion in the superannuation accounts of Australians. Too many Australians are paying too much in superannuation fees,” Mr Frydenberg said.
“At $30 billion a year, the superannuation fees Australians pay exceeds the cost of household gas and electricity bills combined.”
Consumer advocacy group Super Consumers Australia welcomed the Your Future, Your Super reforms announced in the federal budget.
“Overall, the government’s Your Future, Your Super reforms create a better superannuation system for consumers and lift standards across the sector. These reforms will leave more people with more money in retirement,” said Xavier O’Halloran, director of Super Consumers Australia.
Superannuation funds have also voiced their support towards changes in regulations.
“The creation of unintended multiple accounts has been a longstanding problem that has eroded the retirement savings of many Australians through duplicated fees and premiums,” a Rest statement read.
“While the Your Future, Your Super reforms will need further consideration when more detail is available, the government’s proposal to ‘staple’ members to their super accounts is a positive move to address this issue.”
RELATED ARTICLES
About the author
About the author
Earn
New Business Boom: Australia’s Top Ten Suburbs Lead Entrepreneurial Growth
Australia's entrepreneurial landscape is witnessing a remarkable transformation, with the latest data from the Lawpath New Business Index highlighting a significant surge in new business registrations ...Read more
Earn
Unlocking success: How tiny habits can make or break your career trajectory
Career plateaus rarely begin with a market shock; they start with tiny, repeated choices—avoiding change, outsourcing the hard calls, neglecting pipeline hygiene. In a market where distribution, data ...Read more
Earn
Unlock your potential by transforming hidden habits into success
Self-sabotage isn’t a character flaw — it’s an operating model failure. As pressure, complexity and AI-driven change intensify, the cost of avoidable behaviours (avoidance, over-delegation, context ...Read more
Earn
Australian labour market shows signs of strain amid global economic shifts
In the latest economic data release, Australia's labour market is exhibiting signs of strain, despite maintaining a relatively low unemployment rate. According to Krishna Bhimavarapu, APAC Economist ...Read more
Earn
Australia’s entrepreneur boom: August 2025 breaks records with over 100,000 new ABNs
Australia is witnessing an unprecedented surge in entrepreneurship, with the latest figures revealing a record-breaking number of new business registrations in August 2025. According to the newly ...Read more
Earn
Beyond the cash rate: How affordability reshaped Australia’s property playbook in 2025
Australian buyers are less fixated on interest rates and more constrained by affordability, a pivot that is quietly rewriting strategies for banks, developers and institutional investorsRead more
Earn
Australia’s rate cut revealed: What it means for property, profits and the months ahead
The RBA’s 25-basis-point cut to 3.6% extends the easing cycle and resets the calculus for households, lenders and property operators. Expect a faster spring selling season and a sharper rate war, but ...Read more
Earn
Beyond the sticker price: decoding a property’s real value in a volatile market
As prices in several Australian cities keep defying slower growth and higher rates, the question isn’t what a property costs—it’s what it’s truly worth. Value today is a stack: cash flows, replacement ...Read more
Earn
New Business Boom: Australia’s Top Ten Suburbs Lead Entrepreneurial Growth
Australia's entrepreneurial landscape is witnessing a remarkable transformation, with the latest data from the Lawpath New Business Index highlighting a significant surge in new business registrations ...Read more
Earn
Unlocking success: How tiny habits can make or break your career trajectory
Career plateaus rarely begin with a market shock; they start with tiny, repeated choices—avoiding change, outsourcing the hard calls, neglecting pipeline hygiene. In a market where distribution, data ...Read more
Earn
Unlock your potential by transforming hidden habits into success
Self-sabotage isn’t a character flaw — it’s an operating model failure. As pressure, complexity and AI-driven change intensify, the cost of avoidable behaviours (avoidance, over-delegation, context ...Read more
Earn
Australian labour market shows signs of strain amid global economic shifts
In the latest economic data release, Australia's labour market is exhibiting signs of strain, despite maintaining a relatively low unemployment rate. According to Krishna Bhimavarapu, APAC Economist ...Read more
Earn
Australia’s entrepreneur boom: August 2025 breaks records with over 100,000 new ABNs
Australia is witnessing an unprecedented surge in entrepreneurship, with the latest figures revealing a record-breaking number of new business registrations in August 2025. According to the newly ...Read more
Earn
Beyond the cash rate: How affordability reshaped Australia’s property playbook in 2025
Australian buyers are less fixated on interest rates and more constrained by affordability, a pivot that is quietly rewriting strategies for banks, developers and institutional investorsRead more
Earn
Australia’s rate cut revealed: What it means for property, profits and the months ahead
The RBA’s 25-basis-point cut to 3.6% extends the easing cycle and resets the calculus for households, lenders and property operators. Expect a faster spring selling season and a sharper rate war, but ...Read more
Earn
Beyond the sticker price: decoding a property’s real value in a volatile market
As prices in several Australian cities keep defying slower growth and higher rates, the question isn’t what a property costs—it’s what it’s truly worth. Value today is a stack: cash flows, replacement ...Read more
