Today Shadow Assistant Treasurer and Shadow Minister for Financial Services, Stephen Jones welcomed the release of APRAs superfund performance heat map.
Improving transparency around fees and performance was one of the key recommendations of the 2019 Productivity Commission report into the superannuation system.
For the first time there will be an independent assessment of fund performance across a range of measures putting power in the hands of fund members to take control of their funds growth and placing underperforming funds on notice.
Australia’s $2.8 trillion in superannuation savings belongs to fund members – not the funds, the advisers or the administrators. The Productivity Commissions report found that close to $270 billion in assets and 5 million members were stuck in under performing funds. Bringing the performance of the bottom performing funds into line with the top performers would net members and additional $1.2 billion a year.
For most Australians their super fund is their second largest asset, but until now they have had clear way no way of assessing how their fund compares to competitors.
Every Australian deserves to retire with dignity and economic security.
Superannuation is a national achievement which sits alongside the NDIS and Medicare.
Labor will continue to make our super system stronger and fairer. We will fight the plan by some in the Government to axe the legislated increase to superannuation while remaining focused on the real issue – under performing funds.
FRIDAY, 15 NOVEMBER 2019