ASFA policy team update

4 min read
4 min read

As the peak policy, research and advocacy body for Australia’s superannuation industry, one of the ways ASFA works towards ensuring the best possible retirement outcomes for Australians is by using research and evidence to advocate for public policy settings which will improve the superannuation system.

Following is a snapshot of what the ASFA policy team is working on at the moment.

Pre-Budget Submission

ASFA made a pre-Budget submission which contains five recommendations aimed at reinforcing public confidence in the system and stressing that the current settings are working. It also acknowledges that the pandemic has drastically and negatively affected our economy, that we are now officially in a recession. This will affect decisions about superannuation, including the way in which the Government will view the Retirement Income Review (RIR), particularly given the terms of reference were drawn up pre-COVID.

Federal Budget: 6 October 2020

This year’s Budget announced significant reforms that will have wide ranging impacts for the industry. The ‘Your Future, Your Super’ measures will be implemented over four years from 2020-21 and will staple superannuation members to an existing superannuation account. New entrants to the workforce will be able to pick a MySuper product from a new online YourSuper comparison tool, to be delivered by the ATO.

The role of the superannuation industry in supporting the Australian economy

In August we released a paper on “The role of the superannuation industry in supporting the Australian economy.” This looks at the role super has played in supporting Australians through the COVID-19 pandemic, and more importantly the role it will play in supporting Australia’s economic recovery in four ways:

  1. Providing funding for transport infrastructure projects, as new infrastructure investment is a key source of productivity growth in the broader economy
  2. Investing in energy generation and distribution assets, including renewables
  3. Investing in a wide range of unlisted property assets either held directly by funds or indirectly through pooled arrangements.
  4. Investing in a range of healthcare assets including facilities which offer direct care as well as investment in medical research and development

Improving productivity within superannuation

The superannuation system currently provides numerous broad benefits for the broader Australian population, Australian Government and the Australian economy. There are, however, a number of measures that could improve productivity and efficiency within the superannuation industry.

In consultation with our members, we have focused our efforts in advocating for six measures which we believe would make the super industry more efficient and productive post-COVID. The full report can be found here, but our six recommendations are:

  1. Centralise data reporting
  2. Change default communication medium from paper to electronic
  3. Make advice more accessible for members
  4. Make it easier for members to make a contribution and to claim a tax deduction
  5. Address issues related to superannuation fund mergers
  6. Ensure greater stability in policy settings

Retirement Income Review

In July this year the Treasurer received the Retirement Income Review (RIR) Report, but it has not been publicly released. The Treasurer originally announced a review into the retirement income system, which was a Productivity Commission recommendation, in September 2019.

The purpose of the RIR is “to establish a fact base of the current retirement income system that will improve understanding of its operation and the outcomes it is delivering for Australians.” However, it’s important to keep in mind that the terms of reference were drawn up in a different health, social and economic context.

Australia’s retirement income system impacts every single Australian. While it is important that the Government is taking the time to carefully consider the findings of the RIR report, as well as how COVID-19 may have impacted the future of Australia’s retirement system, we have called for the Government to publicly release RIR report. It is necessary for the RIR report to receive the public consideration it deserves, given the importance of the topic.

ASFA stands ready to prepare a response once the RIR report is released.

Picture of By Maggie Kaczmarska

By Maggie Kaczmarska

senior policy advisor

More Reading

Q&A with IFM Investors’ David Whiteley
In-Depth In-Depth

Q&A with IFM Investors’ David Whiteley

Super system can turbocharge productivity on road to net zero
In-Depth In-Depth

Super system can turbocharge productivity on road to net zero

Understanding the Division 296 super tax
In-Depth In-Depth

Understanding the Division 296 super tax

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.