Media Release

Sensible evidence-based changes will deliver better retirement outcomes

15 February 2019

Sensible evidence-based changes will deliver better retirement outcomes

The Association of Superannuation Funds of Australia (ASFA) said today that the sensible changes made last night in the Senate to superannuation legislation would deliver better retirement outcomes for Australians, particularly having the ATO reunite members with their superannuation within 28 days.

“ASFA has consistently advocated for swift consolidation of superannuation held by the ATO into members’ active accounts. Consumers should be earning market returns in their own account rather than have their money sitting at the ATO earning CPI,” said ASFA CEO, Dr Martin Fahy.

The legislation also recognises a broader range of circumstances where members have engaged with their fund or elected not to have their balances transferred to the ATO, making it easier for consumers to stay with their fund and benefit from higher investment returns.

In addition, the reforms extend the timeframe for defining an inactive account from 13 months to 16 months before funds are automatically transferred to the ATO.

“Extending the timeframe appropriately recognises that people take time out of the workforce, such as for parental leave, which results in extended periods where they are not able to contribute to superannuation.”

The carve out of young people from group insurance that was originally proposed would have had an impact across the board, but particularly on those in high risk occupations and for those young people with dependants.

“There is clear evidence that insurance in superannuation is one of the most cost and tax-effective options to provide protection, particularly for the young and low-income earners,” said Dr Fahy.

“Many young people have dependants and financial commitments so in the instance of a tragic event occurring, particularly disablement early in life, having insurance in place is extremely valuable.

“We will continue to work constructively with all sides of politics on these important policies going forward,” he concluded.

For further information, please contact:

Katrina Horrobin, 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.

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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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.