Media Release

More time to implement insurance measures is good for consumers

Published 19 September, 2019

Published 19 September, 2019

19 September 2019

More time to implement insurance measures is good for consumers

The Association of Superannuation Funds of Australia (ASFA) said that the amended start date for the Putting Members’ Interests First legislation, that passed the Senate today, should lead to more consumers maintaining valuable insurance arrangements through their superannuation.

“We appreciate the Government, Opposition and crossbench Senators adopting a pragmatic approach that will help consumers make better decisions in relation to their insurance.”

Deputy CEO Glen McCrea said that extending the commencement date to 1 April 2020 provides more time for fund members to be notified of changes and to make a considered decision about their insurance cover, before it is cancelled.

ASFA has advocated strongly for a 1 April 2020 start date as a reasonable compromise for the full commencement of the legislation.

“There is now a better opportunity for superannuation funds to reach consumers and help them understand what the changes mean for them. Consumers will have more time to consider their insurance needs and determine whether their insurance should be maintained.”

“More time for funds should enable more communications to members, smooth the response rate and reduce wait times to contact centres as we approach the commencement date.”

Mr McCrea said the amended start date also provides funds with additional time to implement the necessary system changes and update their disclosure material.

For further information and media inquiries, 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.

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

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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.