Voice for Consumers Will Strengthen Superannuation

Tradie with toolbelt

Original media release on 9/05/2023 by Super Consumers Australia (SCA).

The Federal Government has strengthened the superannuation system today by ensuring
people are paid the super they earn, creating fairer super tax concessions and providing
long-term funding to continue an independent superannuation consumer advocate. Super
Consumers Australia has been delivering on this mission for the last five years by holding the
super industry accountable for the outcomes they deliver Australians. This announcement will
ensure this important voice continues.

“Australians today have a superannuation sector that is more accountable, equitable, and
honest. We’ve played an important role in driving the reduction in costly duplicate accounts,
made sure less people are paying for added insurance they can’t use and helped people wade
through the complexity of retirement planning,” says Xavier O’Halloran, Director, Super
Consumers Australia.

“We’ve also worked constructively with the superannuation sector to fight for important reforms
which will see people thousands of dollars better off in retirement because they are paid the
super they’ve earned on payday,” says O’Halloran.

“The role of a consumer advocate has never been more important. As millions more Australians
approach retirement age they’ll need a superannuation system that is accountable to their
needs. Consumer advocates use their evidence-based research and on the ground experience
to assist industry, regulators and government in developing workable solutions to consumer
problems,” says Rod Stowe, Chair, Super Consumers Australia (former NSW Fair Trading

“Consumer advocates are vital to a properly functioning market. They are the eyes and ears of
the consumer experience, but most importantly the voice, calling out bad practices and
advocating for sensible reforms to protect people,” says Delia Rickard, Board Director, Super
Consumers Australia (former ACCC Deputy Chair)

“Governments have long recognised the need for a consumer advocate in areas like
telecommunications and energy. Given the importance of a fair superannuation system to most
people’s quality of life in retirement, it’s critical that super consumers have an advocate with
stable, long-term funding. We welcome the announcement that this will now be funded through
an industry levy, like consumer advocates in other sectors,” says Alan Kirkland, CHOICE CEO.