Aware Super has thrown its support behind the Voice to Parliament referendum, stating it is needed to guide meaningful superannuation reforms.
The fund feels that Aboriginal and Torres Strait Islander (ATSI) members would “remain at a structural disadvantage” to non-Indigenous members unless tailored reforms were made to the retirement system.
Legislation setting up the referendum on the Indigenous Voice to Parliament passed the Senate on 19 June and the public vote was expected to take place by the end of the year. If approved, the Voice would be an independent advisory body advising Parliament and government on matters affecting ATSI Australians.
Aware Super chief executive, Deanne Stewart, said: “I commend the Australian Parliament for passing this important legislation, to allow all Australian voters a say on the issue of constitutional recognition for our First Australians.
“Australia has the best retirement savings and planning system in the world, but there is still significant room for improvement when it comes to delivering the best possible outcomes for ATSI peoples.
“What has become very clear is that well-intentioned systems like super simply aren’t enough to deliver equitable outcomes for Indigenous Australians and their families.
“Challenges such as the life expectancy gap for ATSI peoples, complex kinship structures, and highly localised issues including generational unemployment and low levels of financial literacy are all areas where systemic reforms would benefit from the deep understanding a representative advisory body would be able to convey to Australia’s legislature.”
She said funds including Aware Super had been working with Indigenous leaders over the past decade to develop reconciliation action plans, but these were insufficient for real change.
Rest and HESTA had also backed the referendum earlier this month as a ‘once in a generation’ opportunity to enhance the long-term interests of First Nations super members.
In February 2023, ASIC released its Indigenous Financial Services Framework that outlined key learnings on First Nations’ people access to the financial system, developed after extensive consultation with First Nations communities, government, and financial services.
The four key learnings identified in the framework were:
- First Nations peoples had unique, established economies before colonisation. These economies continue today and should be understood, respected, and maintained.
- First Nations peoples have been prohibited and excluded from participating in the Australian financial system.
- Financial wellbeing affects all aspects of First Nations peoples’ lives.
- First Nations peoples have many different versions of financial success. This needs to be accepted and encouraged. All First Nations peoples should be empowered to achieve their vision of success.
