Media Release

Transforming superannuation system must preserve world class status

Published 29 May, 2018

Published 29 May, 2018

29 May 2018

Transforming superannuation system must preserve world class status

The Association of Superannuation Funds of Australia (ASFA) said today that the Productivity Commission’s draft report provides a comprehensive assessment of the superannuation system, which if implemented, has the potential to materially transform the industry.

“The proposal to allocate default superannuation to ten so called “best-in-show” funds would dramatically change the retirement funding landscape, and raises questions with respect to innovation, competitive intensity and diversity,” said Dr Martin Fahy, ASFA CEO.

The Productivity Commission’s draft report, ‘Superannuation: Assessing Competitiveness and Efficiency’, is the latest stage of the Commission’s multi-year process to assess the superannuation industry.

Australia has a world class superannuation system. It is ranked as one of the best retirement systems globally (behind only the Netherlands and Denmark) in terms of sustainability, adequacy and integrity.

The draft report observes that the majority of members and assets in the system are in products that have performed reasonably well. What’s more, only a small share of members are dissatisfied with their fund’s performance.

“Any changes to the system need to recognise the diverse needs of fund members.

“Members’ needs differ widely, including with respect to their occupation and their location.

“In particular, many smaller funds are able to provide niche offerings to their members, including tailored insurance and investment options, and the importance of this to members should not be underestimated,” concluded Dr Fahy.

For further information, please contact:
Katy Lithgow, 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

Sessions

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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.