New guidance to support members facing severe financial hardship 

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Sector collaboration delivers consistent, culturally safe approach to hardship withdrawals

ASFA has released new guidance to support superannuation trustees in processing applications for withdrawals due to severe financial hardship.


Developed in partnership with the First Nations Foundation (FNF), the Indigenous Super Working Group (ISWG), and ASFA member organisations, the Guidance Note on Withdrawals Due to Severe Financial Hardship aims to simplify fund processes and ensure access to superannuation is fair, consistent and culturally safe, particularly for First Nations members.


The guidance responds to a clear need for improved processes across the sector.


Superannuation is often the most significant financial asset First Nations members hold. But systemic barriers, like identification requirements and inconsistent processes, can make access difficult, even in times of urgent need.


This work is about delivering greater clarity, consistency and compassion. It’s the result of deep engagement with First Nations advocates and a strong commitment from across the super sector to make meaningful change.


The project also addresses one of the key priorities identified at the 2024 First Nations Super Summit: the standardisation of forms and processes for hardship withdrawals. While this guidance focuses on severe financial hardship withdrawals, work is already underway to expand standardisation efforts across other member-facing processes.


The guidance has been developed to be sector-wide and is designed to be adopted by all funds and trustees. ASFA strongly encourages implementation of the standardised approach by 31 December 2025.


As a sector, we have a shared responsibility to ensure that superannuation works for everyone, including First Nations members, ensuring superannuation serves as a true vehicle for long-term financial security.

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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.