Media Release

ASFA: Six-step plan for post-COVID productivity gains

Published 12 August, 2020

Published 12 August, 2020

12 August 2020

ASFA: Six-step plan for post-COVID productivity gains

The Association of Superannuation Funds of Australia (ASFA) has released a six-step plan to drive industry-wide productivity gains in superannuation, as the impact of COVID-19 continues to disrupt Australia’s financial and economic conditions.

ASFA CEO Dr Martin Fahy, said: “Superannuation funds continue to deliver necessary services to members, have successfully implemented the Government’s early release initiative and continue to support the Australian economy in these troubled times through the deployment of patient and responsible capital.

“However, in light of the current economic challenges, there is a clear need to develop solutions to challenges that will be present in a post-COVID world. This includes creating productivity gains by cutting red tape to reduce the cost burden on industries and the economy.”

ASFA has worked closely with its members to establish a six-step plan to improve post-COVID-19 productivity and efficiency:

change default communication medium from paper to electronic
make advice more accessible for members
centralise data reporting
address issues related to superannuation fund mergers
make it easier for members to make a contribution and to claim a tax deduction
ensure greater stability in policy settings.

“Greater policy stability could be achieved by linking significant policy changes in superannuation to the publication of the Federal Government’s five yearly Intergeneration Report,” Dr Fahy said.

ASFA has engaged with the Treasury and Government in progressing these ideas and will continue to advocate for these changes to achieve a more efficient system for all Australians.

Read about ASFA’s proposed productivity changes here.

For further information, please contact:
Jacqui Maddock, 0451 949 300.

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

Acknowledgement of Country

We want to respectfully acknowledge the Traditional Owners and Custodians of these lands, seas, and waters throughout Australia. We pay our respects to Elders both past and present. We acknowledge the history, the resilience and the continual contributions of Aboriginal and Torres Strait Islander peoples of their Country.

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Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

Sessions

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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.