Government decision on the key design aspects of the Stronger Super reforms.
By 2050, almost one in four Australians will have reached retirement age, compared to one in seven today. The gift of longer life means it’s in the national interest to encourage Australians to save more for their retirement but it’s also fair that the superannuation industry contribute to higher retirement savings through greater efficiency and lower fees.
The superannuation industry manages $1.4 trillion in hard‑working Australians’ retirement nest‑eggs. Every dollar diverted in fees or other unnecessary overheads is a dollar less going towards a larger and more secure retirement. Over a person’s working life, these fees can total tens of thousands of dollars of lost retirement income.