Media Release

Budget advances dignity and security in retirement for all Australians, says super peak body

The Association of Superannuation Funds of Australia (ASFA) welcomes Federal Budget measures to further strengthen and improve equality in Australia’s superannuation system, and bolster Australia’s investment environment.

ASFA, the voice of super, said the long-awaited introduction of super on paid parental leave will help to reduce the gender retirement savings gap, while changes to ensure superannuation is paid every pay day will guarantee Australians are paid their superannuation entitlements.

“ASFA is pleased to see frameworks that will be developed to investment in the crucial energy transition. Projects that provide an appropriate return for super funds and advance our nation’s prosperity are a double dividend for Australians,” said ASFA CEO Mary Delahunty.

Measures announced tonight provide additional funding to support the implementation of payday super, recover unpaid super and protect members against the risk of fraud.

  • Increases to the Productivity, Education and Training Fund to support workplaces to implement policy changes such as the introduction of payday superannuation.
  • Changes to the Fair Entitlements Guarantee Recovery Program to pursue unpaid superannuation entitlements owed by employers in liquidation or bankruptcy from 1 July 2024.
  • Strengthening the ATO’s ability to detect, prevent and mitigate fraud against the tax and superannuation systems.

ASFA analysis shows that paying superannuation on paid parental leave combined with the legislated increases in the superannuation guarantee and duration of paid parental leave to 26 weeks will lead to an increase in superannuation balances at retirement of around $5,100. For a woman who received paid parental leave at age 28 for a first child and at age 30 for a second child, the increase in superannuation balance would be at least$10,700 in today’s dollars.

“Future generations of Australian women stand to add thousands to their super balances thanks to this change in policy. This is a crucial and long-overdue step in improving their financial security in retirement”.

“ASFA has long called for people to be paid their super on the same day they get paid their wages.  We welcome funding to support this policy’s timely implementation and ook forward to continuing to play a key role in realising these changes so Australians get the super they are entitled to,” Ms Delahunty added.

ASFA acknowledges the opportunity presented by the government’s Future Made in Australia plan, and its goal of attracting investment capital to key industries including renewable energy and welcomes conversations with investors on the development of the national interest framework.

“Patient superannuation capital investment in vital infrastructure of the future is a win-win opportunity for super fund members and for Australia as a whole,” said Ms Delahunty.

ASFA also welcome additional funding for increased housing supply including support for more community housing providers to access finance through the Affordable Housing Bond Aggregator by increasing the cap on the Government’s guarantee of Housing Australia’s liabilities by $2.5 billion to $10.0 billion.

“ASFA supports the government’s focus on increasing critical housing supply, as the key policy measure to address Australia’s housing shortage,” Ms Delahunty concluded.

For further information, please contact ASFA Media team: 0451 949 300

About ASFA

ASFA, the voice of super, 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. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.

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.