Time for the super system to deliver on its promise: Super Consumers’ 2025 federal election priorities
Super Consumers Australia (SCA) urges targeted reforms to make the $4 trillion super system fulfill its promise of a fair retirement for all Australians
As Australia heads into the 2025 Federal Election, Super Consumers is urging the next Government to take fast action on behalf of the millions of Australians with hard-earned retirement savings in super. Australians rely on their super to support them through retirement, but too often super funds fail to meet expectations.
Super Consumers’ Election Priorities 2025 target improvements in three critical areas.
1. Make sure funds deliver excellent customer service
Too often, Australians are let down by poor communication and frustrating delays from their super funds that are throwing people into financial hardship. Australians need mandatory customer service standards, a customer service comparison tool to make funds accountable, and funding for a pilot Super Law free legal service to help people who need it most.
CEO Xavier O’Halloran said: “Mandatory super contributions from hard-working Australians have made our super pool the fourth largest in the world. It’s time for all parliamentarians to commit to mandatory customer service standards and create a comparison tool so Australians are no longer in the dark about the quality of customer service when deciding on a fund.”
2. Make it easier to manage your money in retirement
When people approach retirement they’re faced with a complex array of choices and a lack of quality tested products. The Government can empower people by introducing a retirement guidance service, and ensure that retirees can choose good-quality super products, by performance testing products and making fees and performance transparent.
Mr O’Halloran said: “Australians need a streamlined Government retirement guidance service, so they can get the best out of their retirement. We’re also calling for the annual performance test to be extended to cover account-based pensions, and more data transparency, so Australians have the information they need to make the best decisions for their retirement savings. Australians have already benefited from these types of reforms during their working lives, but just as their balances are at their highest and their decisions critical, they are stripped of these basic protections.”
3. Protect people when they need it most – insurance in super
Insurance in super is failing too many Australians in times of illness, injury, or the loss of a loved one. A Productivity Commission review of insurance in super should establish how to close the gaps and overlaps in the system that are leaving people without protection when they need it most.
Mr O’Halloran said: “We’re calling for a Productivity Commission review of insurance to root out the failures within insurance in super. Overwhelming evidence of claim handling failures have seen people struggling to pay the bills as they wait years to get paid the money they are owed.”
Super Consumers’ election priorities are on our website, here.