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With the Ministerial power scrapped, it’s up to Senate to save Super

3 Jun 2021

Super Consumers Australia welcomes improvements to the Your Future, Your Super Bill and says it should now be prioritised in the Senate

Super Consumers Australia welcomes changes to the Your Future, Your Super Bill to remove excessive powers to ban certain expenditure or investments with no oversight. The consumer advocate had called for the Ministerial express power to be dumped.

“We welcome the pragmatic approach taken to remove this problem from an otherwise pro-consumer package,” says Super Consumers director Xavier O’Halloran.

“The Senate now has the future of Australians’ super in their hands. They will be responsible for passing game-changing, pro-consumer legislation that will save people hundreds of thousands of dollars.”

“We’re glad to see the Ministerial power go. Now we can focus on measures which will bring us closer to ensuring everyone has a single high-performing super fund.”

“There are some remaining issues with the legislation to be fixed, but the Government and Opposition are not that far apart on many of these outstanding points. They both agree that it’s time to end the delay and get on with putting underperforming super funds’ feet to the fire. We are calling on all parliamentarians to find common ground and get this done.”

“Further delay will lead to more multiple accounts, and people being subject to poor returns. The Productivity Commission was scathing of funds for these issues three years ago, and the tail of underperformers hasn’t disappeared. Solving this problem will see a saving of $188,000 for the three million people unlucky enough to find themselves in an underperforming fund.”

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