Positive step in super family law reform

Super Consumers Australia welcomes a new law that ensures people have visibility of super balance information during family law settlements.

“For many Australians, super is the largest asset they own after their home. One person not

disclosing their super in divorce proceedings can have disastrous financial consequences for the other,” says Xavier O’Halloran, Director at Super Consumers Australia.

“This change fixes a problem that overwhelmingly impacts women. Women typically have lower super balances due to inequalities in pay and unpaid caring roles. It remains vital that we address these root causes, but today’s reform is an important step towards greater equality,” says O’Halloran.

“Right now, many women are retiring in poverty. Women over 55 are the fastest growing group experiencing homelessness in Australia.(1) Removing the ability for former spouses to hide their super will help address part of this inequity.” 

“We will continue to advocate for reforms that make the super system fairer and improve people’s financial well-being in retirement.” 

“We encourage the government to consider using similar information sharing processes to make super assets visible in other scenarios. For example, the framework could better assist people experiencing financial vulnerability with easy access to information about super balances upon the death of a family member. This issue particularly impacts First Nations people.”