Media Release

ASFA: Superannuation delivers for Australia

Published 20 November, 2020

Published 20 November, 2020

20 November 2020

ASFA: Superannuation delivers for Australia

The Association of Superannuation Funds of Australia (ASFA) has welcomed the release of the Retirement Income Review, which found Australia’s retirement income system is effective, sound and its costs are broadly sustainable leaving it well-placed to deal with economic volatility and the challenge of an ageing society.

“The Retirement Income Review confirms that Australia’s superannuation system is on track to deliver on its promise to allow Australians to face retirement with confidence,” said ASFA CEO, Dr Martin Fahy.

The review highlights the role superannuation has played in keeping the burden of the Age Pension below 2.5 per cent of GDP (half the cost borne by our nearest OECD counterparts) allowing the Age Pension to be kept for those that need it most.

The report echoes ASFA’s concerns that unnecessary tinkering by successive governments has led to unwarranted and costly complexity in the system settings. ASFA strongly disagrees with the review regarding the importance of increasing the SG to 12 per cent.

“ASFA research found that 75 per cent of Australians support the legislated increase to 12 per cent SG which is a cost to business of less than one dollar a day for the average worker.

“For many Australians the increase to 12% SG is essential to offset the financial loss from super withdrawn under the COVID-19 early release scheme.”

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.

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.