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
Peak season powers a nationwide workforce rebound
Australia’s labour market is experiencing a significant resurgence as peak season spending revitalises employment across the nation. The latest November Jobs Report from Employment Hero, a global ...Read more
Earn
From lone wolves to performance systems: how to convert individual drive into repeatable team wins
High-performing individuals are valuable; systems that meaningful scale their behaviours are priceless. Agency leaders say networks can transform ambition into organisational advantage—if the ...Read more
Earn
State Street economist comments on recent Labour Force data, urging RBA caution
In light of the recently released Labour Force data, Krishna Bhimavarapu, an economist at State Street Global Advisors, has provided insights that may influence the Reserve Bank of Australia's (RBA) ...Read more
Earn
Job market booms, but falling hours keep productivity under pressure
Australia's job market is experiencing a significant resurgence, with employment figures showing a robust increase, according to the latest report from Employment Hero. The October Jobs Report, ...Read more
Earn
Rate cut back in play: how a softer labour market could reshape Australian balance sheets by Christmas
With unemployment at a four‑year high and policy makers signalling a controlled easing in labour conditions, markets are again pricing the possibility of an RBA cut before year‑end. Beyond the ...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
Peak season powers a nationwide workforce rebound
Australia’s labour market is experiencing a significant resurgence as peak season spending revitalises employment across the nation. The latest November Jobs Report from Employment Hero, a global ...Read more
Earn
From lone wolves to performance systems: how to convert individual drive into repeatable team wins
High-performing individuals are valuable; systems that meaningful scale their behaviours are priceless. Agency leaders say networks can transform ambition into organisational advantage—if the ...Read more
Earn
State Street economist comments on recent Labour Force data, urging RBA caution
In light of the recently released Labour Force data, Krishna Bhimavarapu, an economist at State Street Global Advisors, has provided insights that may influence the Reserve Bank of Australia's (RBA) ...Read more
Earn
Job market booms, but falling hours keep productivity under pressure
Australia's job market is experiencing a significant resurgence, with employment figures showing a robust increase, according to the latest report from Employment Hero. The October Jobs Report, ...Read more
Earn
Rate cut back in play: how a softer labour market could reshape Australian balance sheets by Christmas
With unemployment at a four‑year high and policy makers signalling a controlled easing in labour conditions, markets are again pricing the possibility of an RBA cut before year‑end. Beyond the ...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
