Media Release

Budget builds confidence and optimism for retirees

Published 2 April, 2019

Published 2 April, 2019

2 April 2019

Budget builds confidence and optimism for retirees

The Association of Superannuation Funds of Australia (ASFA) said tonight’s Federal Budget has brought stability to superannuation and enhanced confidence in our retirement funding system.

The Budget introduces a number of positive superannuation measures. These include:

Greater flexibility in contribution rules for superannuation fund members aged 65 and over
Permanent tax relief for merging superannuation funds
Increased funding for the ATO to ensure on-time payment of superannuation liabilities by larger businesses and high wealth individuals
Funding for the Fair Work Ombudsman to address sham contracting arrangements designed to avoid payment of statutory obligations such as the SG
Delay in the start of new opt-in arrangements for insurance within superannuation from 1 July 2019 to 1 October 2019, which will allow funds more time to engage with fund members who are affected

ASFA CEO Dr Martin Fahy, said that changes made to superannuation tax settings in the Government’s 2016 Budget in particular, have made the superannuation system sustainable and equitable.

“The Government has today taken the opportunity to reaffirm their commitment to retirees by leaving the system alone.

“ASFA welcomes continued bipartisan support to increase the Superannuation Guarantee (SG) to 12 per cent.

“Lifting the SG to 12 per cent is essential to ensure more Australians can enjoy a comfortable and dignified retirement,” concluded Dr Fahy.

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.

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

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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.