Super Consumers Australia welcomes the announcement of the Federal Government’s Retirement Income Review, but notes that there are many steps that could be taken now to make our superannuation system more efficient for everyone.
Our current superannuation system could be made fairer and more equitable while the retirement income review considers the big questions, like the adequacy of contribution rates, the impact of taxation, and the balancing act of the so-called ‘three pillars’ of the retirement income system.
"We could fix many of the ‘holes in the bucket’ now, which will add hundreds of thousands of dollars to people’s incomes in retirement," said Xavier O’Halloran, Acting Director, Super Consumers Australia.
"We already know that there are dozens of serial underperforming superannuation funds that should be removed from the super system"
"We know that millions of Australians have ‘unintended multiple’ super accounts, that are losing money to unnecessary fees and charges."
"We know that too many people are paying for insurance products in their super that are low value or they are unable to claim on."
Super Consumers Australia welcomes the appointment of Michael Callaghan to head the review alongside Carolyn Kay and Prof Deborah Ralston; and urges the panel to closely consider the many gaps and quirks in our super system that affect people on low and middle incomes.
Senior Policy Adviser
Super Consumers Australia