The Morrison Government is continuing to put superannuation members first, today announcing our intention to establish a superannuation consumer advocate and calling for expressions of interest.
The complex and compulsory nature of superannuation means we need an independent consumer body with specialist knowledge.
The advocate will be an important voice in providing input on behalf of members in policy discussions, and working to educate and assist members navigate the superannuation system.
As part of the process, we have asked Treasury to recommend to the Government:
- a potential provider or providers from the field of expressions of interest,
- the potential scope of the advocate's activities, and
- to formulate accountability, governance and funding arrangements.
This is an important first step in implementing Recommendation 28 of the Productivity Commission's report, Superannuation: Assessing Efficiency and Competitiveness, for an independent, adequately resourced superannuation members' advocacy body.
The Productivity Commission noted member advocacy is lacking in superannuation: "much of the discourse on superannuation has been dominated by the interest of funds and trustees, rather than the interests of members. This is at the heart of many problems with the system."
With 15 million Australian superannuation members, and over $2.7 trillion worth of superannuation savings, making our superannuation system work for members is part of the Government's plan for a stronger economy.
As part of the Budget, the Government is guaranteeing the essential services Australians rely on and the superannuation consumer advocate builds on our measures to improve member outcomes.
