Media Release

Nationalising superannuation – an illiberal idea

Published 19 August, 2021

Published 19 August, 2021

19 August 2021

Nationalising superannuation – an illiberal idea

The Association of Superannuation Funds of Australia (ASFA) described today’s discussion paper from Senator Andrew Bragg to nationalise superannuation and default workers’ retirement savings into a government-run investment fund, as facile and at odds with concerns regarding concentration and common ownership of ASX companies.

“This illiberal idea is inconsistent with the recently announced House of Representatives inquiry into concentration and common ownership in the Australian share market and would exacerbate the very issues which are the apparent cause of concern for this Inquiry,” said ASFA CEO, Dr Martin Fahy.

“Moreover, the industry is still in the process of implementing the latest round of major reforms which were legislated only last month, so creating further confusion for Australians right now is perplexing, particularly given the strong performance of superannuation funds over the past year.”

It’s worth noting that the head of the OECD does not support nationalising superannuation.

“Putting the precious retirement savings of Australian workers into a nationalised entity raises the spectre that down the road we could of see the fund raided for pet projects and political interference in its investment decisions.

“Defaulting people into a government-controlled superannuation fund will lead to the moral hazard of superannuants expecting the Government to underwrite their retirement outcomes and pick up the bill for any underperformance or losses in the long-term,” concluded Dr Fahy.

For further information, please contact:
ASFA Media Team, 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.

ABN 29 002 786 290

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.