Media Release

Productivity Commission efficiency review – ASFA concerned that framework complexity will drive up costs for members

Published 25 November, 2016

Published 25 November, 2016

25 November 2016

Productivity Commission efficiency review – ASFA concerned that framework complexity will drive up costs for members

The Association of Superannuation Funds of Australia (ASFA) today expressed concern regarding the scope of the proposed framework, released today by the Productivity Commission, for assessing the competitiveness and efficiency of the Australian superannuation system.

The Productivity Commission’s report, ‘How to Assess the Competitiveness and Efficiency of the Superannuation System’, follows a Productivity Commission issues paper released on 16 March this year and a draft report released on 2 August.

ASFA CEO Dr Martin Fahy said ASFA had made submissions on both documents and would continue to work closely with industry, government and the Productivity Commission on improving outcomes for members.

“However, given there are 89 unique indicators and 22 criteria to assess in this framework, ASFA believes it will make it difficult for the Commission to draw meaningful conclusions,” he said.

“It is a challenging task to measure the efficiency and competitiveness of the superannuation system and ASFA appreciates that the Productivity Commission has recognised feedback on the need to analyse the impact of regulation.

“We have consistently demonstrated the Australian super system is world class, while acknowledging there is always room to improve member outcomes in terms of efficiency and competitiveness.

“While some of the reporting is voluntary, ASFA remains concerned the assessment process will impose an unnecessary burden on the industry in terms of additional data.

“Ultimately, higher data costs for industry are borne by members and the industry is already subject to extensive data reporting and compliance requirements.

“Around 17 per cent of the indicators will require new data to be sourced from industry.”

For further information, please contact:

Teresa Mullan, Media Manager, 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, which aims to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.

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.