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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:

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/. 

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