15 February 2019

Labor's loss is super members' gain

Note

Joint media release with
The Hon Josh Frydenberg MP

Treasurer

Three million Australians are a step closer to being reunited with around $6 billion worth of superannuation, thanks to legislation passed in the Senate by the Coalition Government.

The legislation passed, despite the Labor Party’s attempts to put the interests of superannuation funds ahead of superannuation members.

The Government successfully passed the legislation which will see superannuation members reunited with low balance and inactive accounts. By doing so, three million Australians will increase the superannuation in their active accounts by an average of around $2000 each.

The legislation will also see exit fees banned and excessive fees on certain accounts capped, saving 7.2 million Australians hundreds of millions of dollars in the first year.

The Coalition Government announced the Protecting Your Superannuation Package in Budget 2018‑19.

Under the package, the Australian Taxation Office (ATO) will be provided with the power to proactively reunite members with low balance and inactive accounts.

With 15 million Australian superannuation members and $2.7 trillion worth of superannuation savings, making our superannuation system work for members is part of our plan for a stronger economy.