All Australians deserve the protection of the superannuation performance test  

Retirees and platform investors closer to long-overdue super safeguards 

Super Consumers Australia has welcomed the Government’s proposal to consult on extending the superannuation performance test to retirement products and platform investments, saying it would close gaps in consumer protection across the super system.

Extending the test to platform investments and retirement products would deliver more consistent protections for Australians’ retirement savings.

Retirees missing protections

Super Consumers research released in 2025 found retirees do not receive the same safeguards as people who are working. When retirement products fail the performance test, retirees do not receive a mandated warning.

Super Consumers CEO Xavier O’Halloran said this creates an uneven level of protection at a critical point in retirement.

“Right now, a member can move from an accumulation product into an almost identical retirement product and lose the protection of the performance test,” Mr O’Halloran said.

“That gap does not make sense. Retirees should have the same safeguards and transparency as everyone else in the super system.”

Platform investments left unprotected 

Platforms allow members to invest across thousands of options, but most are not subject to the same performance scrutiny as other super investments, despite holding large amounts of Australians’ retirement savings.

Key findings from Super Consumers research include:

• Only 4.6% ($19.9 billion of $433.3 billion) of platform investments were covered by the performance test in 2025
• 11 platform funds, managing more than $190 billion, had no products assessed under the test, including Hub24 and Netwealth

Mr O’Halloran said this leaves many Australians exposed to weaker protections depending on where their super is invested. 

“Australians should not face weaker protections simply because of the type of super fund they are in,” he said. “The principle is simple: super funds should have to show they are adding value and growing people’s money.”  

A system that works

Since its introduction in 2021, the performance test has improved outcomes for members, including lower fees and better value for money, contributing to hundreds of millions in savings for Australians’ retirement incomes.

“Australians should be able to trust that every part of the super system is held to strong performance standards, whether they are saving for retirement or already retired,” Mr O’Halloran said.

“We will be closely examining all of the consultation proposals released today, including proposed adjustments for emerging and alternative asset classes, to assess whether they water down consumer protections.”