ASFA response to the announcement of a Royal Commission into banking, superannuation and financial services

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.

Research released by ASFA this week shows super is working exceptionally well, with retirees having higher incomes and a smaller proportion of those aged more than 65 being on the age pension.

An increasing number of retirees now have significant private income above the age pension, with many more now able to achieve a comfortable standard of living in retirement rather than just getting by.

Superannuation fund members have access to redress in regard to any complaints against a fund, at no cost to the fund member.

The sector has been much reviewed by numerous inquiries in recent years and is closely supervised by a variety of regulators.

Accordingly, ASFA is disappointed the Government has included superannuation in the scope of the Royal Commission.

A plethora of never ending inquiries, reviews and regulation is at odds with maintaining a system that is serving Australians tremendously well.

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. ASFA’s mission is to continuously improve the superannuation system so people can live in retirement with increasing prosperity. We focus on the issues that affect the entire superannuation system and represent more than 90 per cent of the 14.8 million Australians with superannuation.