Media Release

One-off SG amnesty clearly a success

Published 21 September, 2020

Published 21 September, 2020

21 September 2020

One-off SG amnesty clearly a success

The Association of Superannuation Funds of Australia (ASFA) notes reports today that up to $600 million will be placed into the superannuation accounts of nearly 400,000 Australians due to the one-off superannuation amnesty.

Australia’s superannuation system is consistently ranked as one of the top private pension systems globally in terms of sustainability, adequacy and integrity, and Superannuation Guarantee (SG) compliance is a key component of adequacy.

Superannuation is an employee entitlement and a delay in contributions or non-payment can have a significant impact on the retirement living standard of those impacted.

“Every additional dollar in people’s superannuation account will have an impact on the adequacy of people’s retirement,” said ASFA Deputy CEO, Glen McCrea.

“Sadly, too many individuals are missing out not only on their superannuation contributions but the potential returns from having more money in their super account.

“We congratulate the Government and the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, on the success of this one-off amnesty. In combination with the additional integrity measures legislated early last year, it will help get more money in people’s superannuation accounts for their retirement where it belongs.

“It is essential that all employers should comply with their superannuation guarantee obligations and pay SG contributions when they are due,” Mr McCrea concluded.

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.

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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.