Media Release

Making a strong superannuation system even better

Published 4 February, 2019

Published 4 February, 2019

4 February 2019

Making a strong superannuation system even better

The superannuation policy reforms recommended by Commissioner Hayne will make our world class superannuation system even stronger, according to the Association of Superannuation Funds of Australia (ASFA).

ASFA CEO, Dr Martin Fahy said that, in essence, the proposed reforms amount to a strengthening of conflicts management and regulatory frameworks, that seek to ensure members’ best interests are at the heart of all trustee determinations.

“Reforming the system in this manner will build consumer trust and confidence in a system that is already delivering some exceptional outcomes for Australians.

“The Commissioner has acknowledged that the regulatory architecture underpinning our system is strong and that the best interests covenant, and sole purpose test, set high standards for trustees operating superannuation funds.”

“However, in the course of his forensic inquiry, the Commissioner has identified specific areas for improvement to ensure these standards are better applied in practice. It’s now up to industry and regulators to raise the bar,” said Dr Fahy.

ASFA believes it will be important to work through each of the recommendations carefully to consider unintended consequences that may arise in implementation.

For further information, please contact:

Katrina Horrobin, 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.

ABN 29 002 786 290

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.