Media Release

Budget delivers superannuation stability

Published 29 March, 2022

Published 29 March, 2022

29 March 2022

Budget delivers superannuation stability

The Association of Superannuation Funds of Australia (ASFA) said tonight’s Federal Budget delivers welcome stability in superannuation policy and reaffirms the path to better retirement outcomes for more Australians.

“There are no major changes to superannuation in tonight’s Budget and the stabilisation of policy settings will contribute to better long-term retirement outcomes and enable consumers to plan for retirement with confidence”, said ASFA CEO, Dr Martin Fahy.

“ASFA recently conducted research which found that consumers were unequivocal in their desire to save more for their retirement and this Budget will allow them to do just that.

“The stability in superannuation policy settings in tonight’s Budget is recognition that the superannuation system is effective, sound and sustainable. It is well-placed to deal with economic uncertainty and the challenge of an ageing society.

Combined with the legislated move to 12%, more Australians are now on track to be self-funded in their retirement and the fiscal burden of the Age Pension will continue to be among the lowest of our OECD peers,” concluded Dr Fahy.

For further information, please contact:
ASFA Media team, 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.