A voice for consumers will strengthen superannuation

Super Consumers Australia welcomes the Federal Budget announcements that will strengthen the superannuation system. 

The Federal Government has strengthened the superannuation system today by ensuring people are paid the super they earn, creating fairer super tax concessions and providing long-term funding to continue an independent superannuation consumer advocate. Super Consumers Australia has been delivering on this mission for the last five years by holding the super industry accountable for the outcomes they deliver Australians. This announcement will ensure this important voice continues.

“Australians today have a superannuation sector that is more accountable, equitable, and honest. We’ve played an important role in driving the reduction in costly duplicate accounts, made sure less people are paying for added insurance they can’t use and helped people wade through the complexity of retirement planning,” says Xavier O’Halloran, Director, Super Consumers Australia.

“We’ve also worked constructively with the superannuation sector to fight for important reforms which will see people thousands of dollars better off in retirement because they are paid the super they’ve earned on payday,” says O’Halloran.

“The role of a consumer advocate has never been more important. As millions more Australians approach retirement age they’ll need a superannuation system that is accountable to their needs. Consumer advocates use their evidence-based research and on the ground experience to assist industry, regulators and government in developing workable solutions to consumer problems,” says Rod Stowe, Chair, Super Consumers Australia (former NSW Fair Trading Commissioner)

“Consumer advocates are vital to a properly functioning market. They are the eyes and ears of the consumer experience, but most importantly the voice, calling out bad practices and advocating for sensible reforms to protect people,” says Delia Rickard, Board Director, Super Consumers Australia (former ACCC Deputy Chair)

“Governments have long recognised the need for a consumer advocate in areas like telecommunications and energy. Given the importance of a fair superannuation system to most people’s quality of life in retirement, it’s critical that super consumers have an advocate with stable, long-term funding. We welcome the announcement that this will now be funded through an industry levy, like consumer advocates in other sectors,” says Alan Kirkland, CHOICE CEO.