Taking on $42m Super Lobby: Super Consumers Australia Launch

Majority of Australians want their voice to be represented in superannuation debates

“The superannuation lobby is using your retirement savings to lobby against your interests. Today Super Consumers Australia formally launches to take on the $42 million super lobby and make sure you have an advocate looking out for your interests” says Xavier O’Halloran, Acting Director of Super Consumers Australia.

Super Consumers Australia at CHOICE is Australia’s first dedicated and independent superannuation consumer advocacy organisation, as a new survey shows more than two thirds of Australians want their rights in superannuation represented independently.

“This is an important day for all Australians with superannuation. From now on, when decision makers are debating what to do with your retirement savings, there will be a voice in the room advocating for your interests,” says Mr O’Halloran.

Super Consumers has been established to advance and protect the interests of people on low and middle incomes in Australia’s superannuation system. This is delivered through robust research, investigative journalism and policy development targeted at making the superannuation system work better for people.

The new organisation is dedicated to ensuring that the interests of consumers and fund members are always put before the interests of shareholders and fund trustees in superannuation debates.

The initial focus of the small team is ensuring people don’t end up in underperforming funds and improving the quality of life insurance policies offered through superannuation.

The Financial Services Royal Commission noted the lack of dedicated voices to advocate on behalf of consumers navigating the complexity of the superannuation system.

Australia currently has four major superannuation industry lobby groups representing fund trustees, with combined budgets in excess of $42 million, and employing more than 100 staff.

“There has been little dedicated consumer representation in superannuation policy for far too long,” says O’Halloran.

“We will be keeping the industry on its toes.Trustees need to be held accountable for decisions that end up costing members money.”

A nationally representative survey conducted by Super Consumers reveals that more than two thirds of people want an independent group that represents their rights.1 Almost half believe superannuation funds hold the most power in the superannuation system, but 60% want that power to lie with consumers.

Super Consumers Australia is seeking ongoing sustainable public funding to support its superannuation members’ advocacy and assistance.