20 December 2023

A strong consumer voice in superannuation

The Albanese Government is strengthening the superannuation system to deliver better outcomes for the 16 million Australians with superannuation savings.

In the 2023–24 Budget, the Government announced funding to support a consumer advocate in the superannuation sector. This means that consumers will have an independent voice advocating for better outcomes on their behalf to Government and industry.

Super Consumers Australia has been chosen as the successful recipient of this funding, following an open and competitive grant process. Super Consumers Australia will promote the interests of members by representing members in policy development and supporting better member understanding of the superannuation system.

The grant provides $5 million over 5 years from 2023–24, funded from the Superannuation Supervisory Levy, which is administered by the Australian Prudential Regulation Authority. Funding over 5 years will provide Super Consumers Australia with certainty and enable it to focus on driving better consumer outcomes.

This announcement reflects the Government’s ongoing commitment to improving the standard in superannuation to serve members’ needs and to help them achieve a dignified retirement.

Quotes attributable to the Assistant Treasurer and Minister for Financial Services, Stephen Jones MP:

“We want consumers to have a strong voice on their super.

“Having an independent advocate to government and industry will deliver better outcomes for members.

“We want people to retire with more money, so we're making sure the super system is as strong as it can be.

“Congratulations to Super Consumers who have already been doing great work to drive better member outcomes and I look forward to their continued advocacy.”