Superannuation - Consumers' Federation of Australia

20 July , 2022

How much do you need to save for retirement?

After an extensive consultation process, new retirement savings targets for homeowners are ready to help Australians get started on their retirement plan. This is a media release from Super Consumers Australia. It was originally published on 18th July, 2022. “Among the most important financial questions retirement-planning Australians face is how much they need to save and what income…

28 June , 2022

Is your insurance company watching you online and is it legal?

New research by Dr Zofia Bednarz has found insurers, using new AI and other models, may be able to collect your online data, and apart from anti-discrimination laws, there are no effective constraints on them using that data to price contracts. This is a media release from The University of Sydney: News & opinion. It was originally published…

15 March , 2022

Super Consumers Australia launches consultation on retirement savings targets

The research released for consultation today is designed to help Australians answer one of the most important financial questions they face, “how much do I need to save for retirement?” “Our goal is to develop trustworthy retirement targets that give people a solid ‘rule of thumb’ on what they’ll need to save to maintain their…

17 February , 2022

Super Consumers Australia welcomes Retirement Income Covenant

Super Consumers Australia says the Covenant will bring a much-needed focus to how super funds can support Australians manage their income in retirement. Now, attention needs to shift to how best to support people through the complex retirement planning process. This is a media release from Super Consumers Australia. It was originally published on 10th February, 2022.…

8 February , 2022

A guidance guarantee for all: Super Consumers Australia calls for improvements to retirement guidance

Quality financial advice can improve financial security, give greater peace of mind and the freedom to pursue lifestyle goals. Super Consumers Australia has used this year’s Budget submission to call for the Government to investigate solutions to guarantee trusted guidance so all Australians can achieve these same goals. This is a media release from Super Consumers Australia. It…

17 December , 2021

Productivity Commission’s Final Report on “Right To Repair” Released

Prepared by CFA Executive Member Ian Jarratt, of Queensland Consumers Association. He can be reached at ijarratt@australiamail.com. The final report was handed to the Australian Government on 29 October 2021 and publicly released on 1 December 2021. The Government has not yet announced its response to the report. CFA and several member organisations participated in the…

2 November , 2021

Major super funds still clinging to junk insurance

Super Consumers Australia is today calling on funds like NGS, Prime Super and Spirit Super to dump junk insurance terms that are putting Australians at risk. The call comes after a sustained campaign over the last two years that has seen over half the market remove or dramatically reduce the impact of this junk insurance.…

14 October , 2021

CFA members make submissions to Productivity Commission (PC) “Right to Repair” Inquiry

Several CFA members including: CHOICE, the Consumer Policy and Research Centre (CPRC), the Consumer Action Law Centre (CALC), and the Queensland Consumers Association (QCA), made written submissions on the PC’s draft report on “Right to Repair”. The PC made draft recommendations on many aspects of this very complex and diverse topic. The CFA member submissions…

14 October , 2021

FSC to ban occupational exclusions in default group life insurance in superannuation

The Financial Services Council (FSC) has today announced it will be introducing an enforceable FSC Standard to prohibit the use of exclusions and restrictive disability definitions because a member is employed in a high-risk occupation. It will apply to all default group life insurance in superannuation amongst FSC members. This is a media release from the Financial Services…

27 September , 2021

ASIC release report on competition in the Australian funds management industry

On Friday 24th September the Australian Securities & Investments Commission (ASIC) released a report on the state of competition in Australia’s funds management industry. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 24th September, 2021. ASIC commissioned independent research by Deloitte Access Economics (Deloitte) to examine competition between…

2 July , 2021

Super lobby groups fail to keep promises to consumers

Super fund lobby groups have dumped a code of conduct that could have improved how funds handle life insurance claims. Consumer groups Super Consumers Australia and Financial Rights Legal Centre are calling out a self-interested move from industry lobby groups including the Australian Institute of Superannuation Trustees (AIST), the Association of Super Funds Australia (ASFA)…

19 May , 2021

CFA & ACCC Consumer Advocacy Showcase & Award Winners

On Monday 12 April, Consumers’ Federation Australia (CFA) and the Australian Competition & Consumer Commission (ACCC) co-hosted the Consumer Advocacy Showcase & Award, in the final online session for the 2021 ACCC National Consumer Congress. The Showcase celebrates effective and good practice within consumer advocacy. The joint-winners were Fiona Guthrie, with Who’s Making Australians Bankrupt?; and Matthias Oldham, with Junk Insurance…