ASFA Advocacy Wins

We undertake evidence-based advocacy to influence public policy settings which ensure the best retirement outcomes for members.

As the voice of super, ASFA is constantly engaging with government and regulators on improvements to the superannuation system. Below is a summary of ASFA’s advocacy wins within the last year:

Announcement of superannuation on Government-paid parental leave, improving equity in the system by tackling the gender pay gap
Action being taken for the adoption of payday super which will ensure that people are receiving their contributions on time, drastically reducing the risk of underpayment or non-payment
Introduction of legislation for better targeted superannuation concessions in order to improve equity in the system by capping concessional benefits for those with balances above $3 million
A clear objective of superannuation enshrining the principles of preservation, income, equity, sustainability, and dignity in legislation introduced in Parliament, with superannuation being a fundamental pillar in Australia’s retirement landscape
Clarification from government on the provision of financial advice to people with a superannuation account, with the end goal of ensuring more Australians have access to quality and affordable financial advice
Clarification from government to ensure a phased approach on climate change-related disclosure reporting was taken, which acknowledged that superannuation funds, as institutional investors, are reliant on climate reporting made by entities in which they invest
Announcement that capped defined benefit income streams will be given appropriate transfer balance cap treatment after a successor fund transfer, avoiding possible adverse impacts
Enhancements to the asset-class benchmarks of the Annual Performance Test, an extension to the assessment period, and for a broader review of the performance test framework, which Treasury is undertaking
Ensuring that all members of regulated superannuation funds can automatically maintain their insurance following a transfer to a successor fund

And ASFA continues to advocate, with our current priorities including:

Defending the superannuation system against proposals such as allowing the withdrawal of superannuation for house purchases
Calling for an increase in the Low Income Super Tax Offset (LISTO) payment from those earning $37,000 to those earning $45,000, which would benefit recipients by an extra $200 per year
Working with funds to ensure the dependents of members receive their death benefits, and members suffering from illness or injury receive their insured benefits, as quickly and seamlessly as possible, to ensure standards of service are being met

ASFA’s policy team has also contributed significantly to thought-leadership in the sector with the following new research released:

Why the early release of superannuation for home purchases will not improve affordability
How people from non-English speaking backgrounds are left behind in terms of super balances and what can be done to fix it
The challenges and opportunities available to superannuation funds on the transition to a Net Zero society
How Australians are tracking on the road to a comfortable retirement
How to ensure adequate insurance coverage for members across the system

ASFA is the leading voice for policy, research and advocacy in Australia’s superannuation sector. Stay up to date on our latest research and submissions via https://www.superannuation.asn.au/policy/reports/ and https://www.superannuation.asn.au/policy/submissions/.

ASFA Advocacy Wins

As the voice of super, ASFA is constantly engaging with government and regulators on improvements to the superannuation system. Below is a summary of ASFA’s advocacy wins within the last year:

And ASFA continues to advocate, with our current priorities including:

ASFA’s policy team has also contributed significantly to thought-leadership in the sector with the following new research released:

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