Retirement
Your Future, Your Super hits Parliament
The controversial Your Future, Your Super reform package has been introduced to Parliament, paving the way for the continuation of the government’s fierce debate with the super sector.

Your Future, Your Super hits Parliament
The controversial Your Future, Your Super reform package has been introduced to Parliament, paving the way for the continuation of the government’s fierce debate with the super sector.

Treasurer Frydenberg has met his October budget promise by introducing the controversial Your Future, Your Super reform package to Parliament on Wednesday, despite fierce opposition from the super sector with Industry Super Australia (ISA) threatening to spend millions on campaigns opposing the planned changes.
The package, if legislated, will introduce an annual performance test and a public ranking by the Tax Office, with funds that fail to pass expected to be banned from accepting new members from July this year.
According to Treasury, the Your Future, Your Super reforms make the super system “better for members” in four key ways – preventing the creation of unintended multiple super accounts, helping members choose well-performing products that meet their needs, holding funds to account for underperformance and increasing transparency and accountability.
Together, the Treasury estimates, these changes should save Australians over $17.9 billion over 10 years.
But the super sector disagrees.
Uniting against the government’s proposal, ISA has threatened to launch an advertising campaign to warn members of the dangers.
According to ISA, Your Future, Your Super will be the government’s “greatest gift” to the big banks and the for-profit super sector by allowing them to “skim” up to $10 billion a year in profit.
ISA’s claims are hinged on the package’s apparent disregard for the excessive fees charged by the for-profit sector, among other things.
The ACTU agrees, noting last month that “if these laws are passed, for-profit funds will have a systemic advantage over all-profit-to-member funds, leaving workers worse off”.
“If these proposals become law, from 1 July 2021, all people with an existing superannuation fund will be stapled to their current fund, meaning predatory for-profit funds will target first-time bank openers to nominate a super account with them, locking them into a poor-performing default fund for life,” the ACTU said.
About the author

About the author


Superannuation
Top 5 members satisfaction super funds revealed
The COVID-19 pandemic has seen superannuation satisfaction reach record highs, new research has revealed. ...Read more

Superannuation
New super laws divide industry groups
Your Future, Your Super legislations have reached Parliament, dividing opinions among key stakeholders. ...Read more

Superannuation
ISA applauds Minister Hume for opposing super for a home plan
The government has no immediate plans to allow Australians to access their superannuation to buy a home, Jane Hume has confirmed, despite ongoing calls from backbenchers. ...Read more

Superannuation
Super funds deliver slim January gains
Superannuation funds have made ‘a small but positive result’ at the start of 2021, although the pandemic still poses a significant risk to future returns, new research has revealed. ...Read more

Superannuation
Age pension to explode if super guarantee is ditched: ISA
Failing to lift the superannuation guarantee to 12 per cent will inflate Australia’s aged pension bill to $33 billion by 2058, and may lead to tax hikes to meet the bulging burden, new research has ...Read more

Superannuation
Why it’s the right idea but wrong time to lift the SG
As Australia surfaces from its first economic recession in almost three decades, the focus should be on creating new jobs instead of lifting the superannuation guarantee, an accounting body has said....Read more

Superannuation
‘RBA helping the government knock off’ super increase: Keating
Former Prime Minister Paul Keating has accused the Reserve Bank of Australia of laziness, opining that the bank is aiding the government in knocking off the legislated superannuation increase at the...Read more

Superannuation
Are bigger funds better for members?
As the march of the megafunds begins, Australia’s superannuation sector will need to seriously consider whether a merger is in their best interests. ...Read more

Superannuation
Top 5 members satisfaction super funds revealed
The COVID-19 pandemic has seen superannuation satisfaction reach record highs, new research has revealed. ...Read more

Superannuation
New super laws divide industry groups
Your Future, Your Super legislations have reached Parliament, dividing opinions among key stakeholders. ...Read more

Superannuation
ISA applauds Minister Hume for opposing super for a home plan
The government has no immediate plans to allow Australians to access their superannuation to buy a home, Jane Hume has confirmed, despite ongoing calls from backbenchers. ...Read more

Superannuation
Super funds deliver slim January gains
Superannuation funds have made ‘a small but positive result’ at the start of 2021, although the pandemic still poses a significant risk to future returns, new research has revealed. ...Read more

Superannuation
Age pension to explode if super guarantee is ditched: ISA
Failing to lift the superannuation guarantee to 12 per cent will inflate Australia’s aged pension bill to $33 billion by 2058, and may lead to tax hikes to meet the bulging burden, new research has ...Read more

Superannuation
Why it’s the right idea but wrong time to lift the SG
As Australia surfaces from its first economic recession in almost three decades, the focus should be on creating new jobs instead of lifting the superannuation guarantee, an accounting body has said....Read more

Superannuation
‘RBA helping the government knock off’ super increase: Keating
Former Prime Minister Paul Keating has accused the Reserve Bank of Australia of laziness, opining that the bank is aiding the government in knocking off the legislated superannuation increase at the...Read more

Superannuation
Are bigger funds better for members?
As the march of the megafunds begins, Australia’s superannuation sector will need to seriously consider whether a merger is in their best interests. ...Read more