Representatives from the superannuation sector will on Thursday begin appearing before the House of Representatives’ economics committee.
This occasion presents the sector – and all sides of government – with a unique and important opportunity to focus on the big issues facing our super system and our members.
The focus of the committee is to discuss progress within the sector following the banking royal commission, allowing all involved to reflect on the problems and misconduct that commission identified, and what has been done to improve the system out the other side.
While the royal commission did a very good job of identifying where the problems are, we still have a long way to go to deliver on its recommendations.
And beyond the royal commission, there is still more that needs to be done to tackle inefficiencies and inequities in our system.
With one in three Australians currently missing out on their super entitlements, we need to make super payable on pay day and stop this problem at its source.
We need to ensure that workers are connected to a single, quality-checked fund with high performance and low fees, and deal with underperforming funds once and for all to stop the drain on members’ retirement savings.
Multiple accounts need to be eliminated, and we need to remove the entrenched barriers that result in women leaving the workforce with about half the amount of super that men have at retirement.
These are the big issues that are currently dragging down the retirement savings of too many Australians, and are the issues that matter most to Industry Super Australia and our funds.
While some may see these hearings as an opportunity to reignite the old ideological battles at the expense of member outcomes, we will be firmly focused on these issues, and what needs to be done to reform the system for the better.
Industry Super Australia will be reminding the committee that everything we and our funds do is focused on delivering members more money for their retirement.
We have a proud record of advocating on behalf of our funds to secure positive reform and better outcomes for members.
Our focus is on what matters most to members – and we trust that all MPs on the committee bring that same focus to the next two days of hearings.
Greg Combet is the chair of Industry Super Australia.
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