Speaking in Sydney this week, Kelly O’Dwyer said that given Australians’ longer life spans, the super system needs to lift its game when it comes to “preserving members’ money and intersts”.
Continuing, she said: “As technological advancement continues to disrupt existing business and employment practices, our regulatory institutions must adapt.
“People have a right to know what is happening with their money, how their money is being used, whether it is being used to fund political campaigns or being siphoned off to associated bodies such as unions or industry organisations.
“They need to know if there are being ripped off with high fees that don’t deliver benefits.”
Because Australia’s superannuation system is compulsory – meaning nearly 10 per cent of Australians’ wages aren’t accessible until retirement, it’s even more crucial that funds are transparent, she continued.
Ms O’Dwyer claimed that this a key reason the government is pursuing improved superannuation fund transparency; “so that superannuation members can have the right to know what is being done with their retirement nest eggs”.