Super changes needed now: Government urged to act fast

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Industry Super Australia (ISA) has called on politicians to use this parliamentary sitting week to debate and pass key legislation that will protect superannuation savings.

The ISA claims that multiple reviews revealed that not only are consumers short-changed billions in superannuation contributions, but their savings are also being eroded by chronic underperformance, multiple accounts and for-profit fund fee-gouging.

ISA chief executive Bernie Dean said the interests of fund members had to be put above politics but time was running out for this parliament to act.

“The Senate should agree on sensible amendments to the Protecting Your Super Bill designed to protect … [those] with low balances, and the House of Representatives should ratify a bill that increases transparency and penalties for unpaid super,” said Mr Dean. 

“Long delays to these bills and partisan politicking needs to stop for members’ sake. Every week that passes without agreement risks Australians losing millions in retirement savings.

“By the end of this week super could be better for everyone. Fees could be lower, with limits on what a fund can charge people with low account balances.

“We could give many people a boost by automatically finding their low balance lost and forgotten accounts and promptly combining them into one.

“And we could close the loopholes some employers use to shortchange their workers by not paying super at all, although even stronger laws are necessary.”

Mr Dean said other bills listed, including Member Outcomes 1, carried important measures such as civil and criminal penalties for superannuation trustees, that should be expedited.

But, he said, some other measures in that bill would require significant amendments to reflect the recent findings of the Productivity Commission review into super and the banking royal commission.

“Unless significant amendments to the member outcomes assessment and reporting standards are made, they should be split from the bill in order to get the detail right,” Mr Dean said.

“The Parliament should not be passing a weak and ineffective member outcomes test, reporting standards and disclosure regime that lets dud super funds off the hook.

“However, this should not distract from landing critical changes where the detail is right,” he said.

Should the Government stop playing politics with superannuation and pass changes to protect people’s retirement savings?

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Written by Ben

56 Comments

Total Comments: 56
  1. 0
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    beware of the Ethical Investment Fund … refused my having death cover two years ago, then stole life insurance premiums from my payout

  2. 0
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    beware of the Ethical Investment Fund … refused my having death cover two years ago, then stole life insurance premiums from my payout

  3. 0
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    beware of the Ethical Investment Fund … refused my having death cover two years ago, then stole life insurance premiums from my payout

  4. 0
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    beware of the Ethical Investment Fund … refused my having death cover two years ago, then stole life insurance premiums from my payout

  5. 0
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    beware of the Ethical Investment Fund … refused my having death cover two years ago, then stole life insurance premiums from my payout

  6. 0
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    beware of the Ethical Investment Fund … refused my having death cover two years ago, then stole life insurance premiums from my payout

  7. 0
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    can people please remove repeat responses or learn to just post once, bloody annoying
    Apart from that, expect the usual trolls to start up. Best not even to reply or respond to their usual ridiculous posts & comments.

    • 0
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      It’s not me doing repeat responses.

    • 0
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      this website is stuffed….that is the problem..

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      Some are aware of the issue & know how NOT to repeat & if they do actually remove those repeat post. OG you don’t repeat. Easy to see who does though

    • 0
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      Post your comment (copy to clipboard) hit post reply. Then hit the page refresh button.

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      What are you on about 1984 this sight is about superannuation not welfare why would you even comment.

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      Well well well look who woke up. I don’t claim welfare Robbo. Ever time you make a comment it just goes to show your stupidity & lack of any intelligence. Actually I haven’t seen any of your comments or posts that have anything of any substance or even on topic. You must have the intellectual capacity of a 4 year old. Watch out mummy might spank you for playing on her computer roflmfho

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      Well well well look who woke up. I don’t claim welfare Robbo. Ever time you make a comment it just goes to show your stupidity & lack of any intelligence. Actually I haven’t seen any of your comments or posts that have anything of any substance or even on topic. You must have the intellectual capacity of a 4 year old. Watch out mummy might spank you for playing on her computer roflmfho

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      Nobody claims ‘welfare’ in Australia – they claim their Social Security Entitlements and Rights….

      Apart from that, stop assuming about others and stop slagging as a means of discussion… it doesn’t show those you attack in a bad light…..

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      This from a bloke who was bludger most of his life and receives an age pension plus a careers pension for his wife who pissed him off because he was less then a man if you know what I mean. Welfare is for people who can’t pay there way and need a hand out.

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      You’re on thin ice, Robbo…. watch it…. this is your one chance.

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      Seems I have hit a raw nerve Treb .

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      In your dreams – you have no idea who and what I am, but I can guarantee you this – I’ve done far more than you can imagine.

  8. 0
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    Industry Super Australia is the peak body for industry super funds so what they wish to say can hardly claim to be unbiased. If we are to answer the question, “Should the Government stop playing politics with superannuation and pass changes to protect people’s retirement savings?”, then perhaps it might be helpful to have a balanced article with comments from non industry super funds.

  9. 0
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    How stupid are the people that run down Industry Funds no brains happy with out them.

  10. 0
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    How stupid are the people that run down Industry Funds no brains happy with out them.

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