Media Release

Aussies losing $2.75bn in compulsory super payments each year: ASFA

16 October 2015

Aussies losing $2.75bn in compulsory super payments each year: ASFA

$2.75 billion each year is lost through non-payment of superannuation by employers, affecting more than 650,000 Australians, according to estimates from the Association of Superannuation Funds of Australia (ASFA).

The average person affected loses nearly $4,000 per annum in superannuation, or around 9 months’ worth of super for someone on average weekly earnings.

The loss of superannuation impacts more heavily on younger Australians, who are not only missing out on the immediate amount but also its potential growth over the years until retirement. Also affected are lower-income earners who will be reliant on their superannuation savings to supplement the Age Pension in retirement.

“It is really important that Australians of all ages keep track of their super and ensure that they are being paid the compulsory 9.5 per cent Superannuation Guarantee (SG) that they are entitled to,” said Pauline Vamos, CEO, ASFA.

“Estimates show that for a 25 year old, a one-off loss of $4,000 in super could equate to a loss of over $14,000 at retirement in today’s dollars. Australians who are facing more vulnerable circumstances and broken work patterns may endure multiple losses throughout their working life.”

“It is important to know what you are entitled to when it comes to SG so you are not missing out on a large sum in retirement.”

If you think you are not receiving the SG you are entitled to, here are Super Guru‘s steps for getting back on track:

1. Check your payslip

By law, your employer must include on your payslip the amount of the superannuation contribution made or that the employer is liable to make and the name of the fund to which the contribution was made.

Once you have found the section for SG contributions, you should check that the amount you have been paid equates to 9.5 per cent of your gross (pre-tax) ordinary time earnings for the period of time covered by the payslip.

2. Speak to your employer

If after checking your super fund member statement, you cannot locate your SG contribution , you may wish to ask your employer if they have been making SG contributions for you and, if so, how much they have been paying and what account details they are using. Employers must make contributions at least quarterly, although some employers make contributions more frequently than that.

If your employer contributions have been going into a fund that you no longer use or check, you may wish to consolidate your super.

3. Contact your super fund

If you do not have your most recent member statement, you can contact your super fund to find out the timing and amount of your last super payment.

You can also create an account on the ATO’s MyGov service to view details of all of your super funds, including any that you may have lost track of or forgotten about.

4. Lodge an enquiry with the ATO

If you have checked with your employer and super fund and are still not sure that your employer is paying you the correct superannuation contribution, you can lodge an unpaid super enquiry with the ATO here.

You will need to provide your employer’s ABN and contact details, along with information on your current employment arrangement and details of the period of lost super. Once received, the ATO will investigate your case and provide you with updates via letter.

For more information, visit www.superguru.com.au.

 

Notes to editor

In October 2014 research commissioned by Cbus, AustralianSuper and REST on Superannuation Guarantee non-compliance was released. That research was primarily conducted by the research house Tria Partners with significant input from ASFA.

It found that in 2012 the non-payment of superannuation by employers affected around 650,000 Australian workers, leaving them collectively out of pocket by almost $2.5 billion annually, around 4 per cent of the total SG contributions made in that year. The report also estimated that the average person affected lost around $3,750 per annum in superannuation.

In September 2015, ASFA revised these figures to include growth in the number of employees and contractors eligible for SG payments, along with growth in average wages. ASFA also took into account the increase in minimum SG contribution to 9.5 per cent (since 1 July 2014).

Accordingly, the estimated current annual non-payment of superannuation obligations by employers is likely to be around $2.75 billion a year and the average loss per person affected approximately $4,000.

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation, which aims to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.

Cath Bowtell

Chair, IFM Investors

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Cath is the Chair of IFM Investors; Industry Super Holdings (ISH); and the Federal Government’s Jobs & Skills Ministerial Advisory Board.   

She is a Director of Industry Fund Services (IFS) and of the Melbourne Arts Precinct Corporation. 

Cath has worked for many years in senior roles in both the superannuation industry and union movement. She was the Chief Executive of IFS and Chief Executive of the Australian Government Employees Superannuation Trust (AGEST) from 2010 until its merger with AustralianSuper in 2013.

Prior to this, Cath was a Senior Industrial Officer at the Australian Council of Trade Unions (ACTU). She has held a number of directorships and committee positions throughout her career, including Director of AustralianSuper, Director of AGEST Super and Director of Ausgrid.

Natalie Previtera

Chief Executive Officer, NGS Super

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Natalie is the Chief Executive Officer of NGS Super.  

With a career grounded in governance, legal, and strategic leadership, Natalie brings a forward-thinking and purpose driven approach to superannuation. She is responsible for steering the fund through a dynamic regulatory landscape, ensuring operational excellence, and delivering long-term value to members.

Natalie also served as Chief Risk and Governance officer having deep institutional knowledge and a strong track record in executive oversight and regulatory engagement.

She is known for her collaborative leadership style and her ability to drive transformation while maintaining a strong member-first ethos.

Prior to joining NGS in 2019 Natalie held senior governance roles at AMP, Suncorp and Perpetual.  

Laura Catterick

Director, Resilience & Cyber, UK Finance

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Laura Catterick is the Director of Resilience & Cyber at UK Finance, which is the collective voice for the UK banking and finance industry, representing over 300 firms and supporting members in their efforts to build more resilient firms and a more resilient financial sector.

Within UK Finance, Laura works closely with industry leaders, government, and regulators, influencing policy on operational resilience and cybersecurity at a national level. UK Finance also co-chairs CMORG (Cross Market Operational Resilience Group) to deliver collaborative resilience initiatives that address systemic risks.

Laura is a Chartered Professional Accountant from Canada with extensive experience in risk, regulatory compliance, cyber security, operational resilience, and large-scale transformation. She has held senior executive roles within highly regulated sectors, including roles across all three lines of defence within Deloitte, PricewaterhouseCoopers, Lloyds Banking Group, and Mastercard.

Josh Cross

Chief Operating Officer, SS&C Technologies

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Josh Cross brings over 30 years of experience in Technology, Operations, Delivery and Transformation within the Australian Financial Services industry. His expertise spans Trade Finance, Institutional and Corporate Lending, Consumer Lending, Share Trading, Insurance and Superannuation.

Josh joined SS&C in July 2025 through a lift-out from Insignia Financial – one of Australia’s largest Superannuation and Investment providers, known for its growth through large-scale acquisitions and technology separations from major Australian banks.

In his current role, Josh leads the SS&C  Business Process Outsourcing (BPO) function, which delivers technology, operations, and service delivery for more than one million Australian across multiple technology eco-systems, supported by a team of approximately 1300 staff. Over the next three years, Josh will also lead the major transformation of the underlying superannuation platforms and processes, migrating to SS&C’s Bluedoor ecosystem.

Lt Gen Michelle McGuinness, CSC

National Cyber Security Coordinator, National Office of Cyber Security

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Lieutenant General Michelle McGuinness, CSC was appointed as Australia’s National Cyber Security Coordinator (the Coordinator) on 26 February 2024.

As the Coordinator, LTGEN McGuinness leads national cyber security policy, the coordination of responses to major cyber incidents, whole of government cyber incident preparedness efforts, and the strengthening of Commonwealth cyber security capability. 

LTGEN McGuinness has served in the Australian Defence Force for 30 years in a range of tactical, operational, and strategic roles in Australia and internationally.

Prior to this appointment, LTGEN McGuinness most recently served as Deputy Director Commonwealth Integration in the United States Defense Intelligence Agency. In this role, she led policy and cultural reform, and technological integration, including interoperability across information technology, systems and data.

Jamie Bonic

Global Head of FX and Commodity Sales, NAB

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Jamie Bonic is NAB’s Global Head of FX and Commodity Sales, responsible for several FX-related sales businesses including NAB’s Institutional, Corporate, and Government teams.  Prior to joining NAB, Jamie spent 17 years in London working for JPMorgan as a Managing Director in their Global Markets division, leading sales and trading across Interest Rate and FX products. Jamie holds a Bachelor of Economics from The University of Sydney and is currently based in Sydney.

Katie Miller

Deputy CEO, Regulation, AUSTRAC

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Katie Miller is the Deputy CEO, Regulation, AUSTRAC and has strategic responsibility for AUSTRAC’s regulatory, policy and legal functions. 
Katie has extensive experience exercising regulatory functions and advising regulators at state and federal levels. Katie is a published author on issues involving regulation, law and technology and supports connections between government, practitioners, communities of practice and academia. 

Derek Thompson

Via live link

Best Selling Author, Podcast Host of 'Plain English'

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Few speakers can match Derek Thompson‘s ability to synthesize mega-trends in society, labor, economics, technology, and politics. Put another way: Derek trawls the data sets and does the forecasting and deep reporting necessary to help us better understand how we live, how we vote, how we spend, and how we work.

In his paradigm-shifting #1 New York Times bestseller, Abundance (co-written with Ezra Klein), this award-winning journalist reveals how our policies and culture have pushed us into a world of scarcity (not enough housing, workers, or progress)—and offers a radical new path towards a world where housing is affordable, energy is plentiful, and innovation flourishes across industries.

He shares a compelling vision of a future where we have more than enough for everybody, and a practical, actionable roadmap for how to get there. It starts with taking more risks, building more expansively, and recognizing that we all have the power to create a world of abundance. “Everything’s utopian until it’s reality,” he says.

Carmen Beverley-Smith

Executive Director - Superannuation, Life & Private Health Insurance, APRA

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Carmen joined APRA in March 2023 and holds the role of Executive Director, Life and Private Health Insurance and Superannuation.  

She has had an esteemed career in financial services, spanning over 25 years. She has held diverse leadership roles at Westpac and Commonwealth Bank of Australia, including across risk, transformation and change, product and portfolio development, and sales and service. 

Prior to joining APRA, she held the role of General Manager, Risk Transformation Delivery Integration at Westpac. This involved leading the group-wide implementation of a suite of solutions to uplift risk management capability and develop data, analytics and reporting. 

Carmen leads with a values-driven approach and a particular interest in developing and mentoring talent. 

She holds a Bachelor of Commerce and Accounting, is a certified Chartered Accountant and a Graduate of the Australian Institute of Company Directors. 

Amy C. Edmondson

Novartis Professor of Leadership and Management, Harvard Business School

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Amy C. Edmondson is the Novartis Professor of Leadership and Management at the Harvard Business School, a chair established to support the study of human interactions that lead to the creation of successful enterprises that contribute to the betterment of society.

Edmondson has been recognized by the biannual Thinkers50 global ranking of management thinkers since 2011, and most recently was ranked #1 in 2021 and 2023; she also received that organization’s Breakthrough Idea Award in 2019, and Talent Award in 2017.  She studies teaming, psychological safety, and organisational learning, and her articles have been published in numerous academic and management outlets, including Administrative Science Quarterly, Academy of Management Journal, Harvard Business Review and California Management Review. Her 2019 book, The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth (Wiley), has been translated into 15 languages. Her prior books – Teaming: How organizations learn, innovate and compete in the knowledge economy (Jossey-Bass, 2012), Teaming to Innovate (Jossey-Bass, 2013) and Extreme Teaming (Emerald, 2017) – explore teamwork in dynamic organisational environments. In Building the future: Big teaming for audacious innovation (Berrett-Koehler, 2016), she examines the challenges and opportunities of teaming across industries to build smart cities. 

Edmondson’s latest book, Right Kind of Wrong (Atria), builds on her prior work on psychological safety and teaming to provide a framework for thinking about, discussing, and practicing the science of failing well. First published in the US and the UK in September, 2023, the book is due to be translated into 24 additional languages, and was selected for the Financial Times and Schroders Best Business Book of the Year award.

Before her academic career, she was Director of Research at Pecos River Learning Centers, where she worked on transformational change in large companies. In the early 1980s, she worked as Chief Engineer for architect/inventor Buckminster Fuller, and her book A Fuller Explanation: The Synergetic Geometry of R. Buckminster Fuller (Birkauser Boston, 1987) clarifies Fuller’s mathematical contributions for a non-technical audience. Edmondson received her PhD in organisational behavior, AM in psychology, and AB in engineering and design from Harvard University.

 

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.