Super Consumers Australia has been awarded $5 million government funding towards supporting policy development and improving member outcomes.
The grant was first announced in the 2023-24 Budget and will provide $5 million over five years from 2023-24, funded from the Superannuation Supervisory Levy, which is administered by the Australian Prudential Regulation Authority (APRA).
With the announcement, Minister for Financial Services, Stephen Jones, highlighted the drive for a stronger consumer voice in super.
“Having an independent advocate to government and industry will deliver better outcomes for members,” he said.
“We want people to retire with more money, so we’re making sure the super system is as strong as it can be.
“Congratulations to Super Consumers who have already been doing great work to drive better member outcomes and I look forward to their continued advocacy.”
Founded in 2013, SCA is partnered with leading consumer advocacy group CHOICE. According to the organisation, it advances and protects the interests of low- and middle-income people in Australia’s superannuation system through campaigning and policy, research and analysis, and investigative journalism.
Its board includes former NSW Fair Trading Commissioner Rod Stowe; former deputy chair of the Australian Competition and Consumer Commission (ACCC), Delia Rickard; and former ASIC commissioner, Shane Tregillis.
Earlier this month, the government unveiled its final response to the Quality of Advice Review (QAR) which expanded the advice services super funds can provide to members, including investment decisions, delivering retirement income, and considering broader circumstances for both the member and their household.
Minister Jones also confirmed super funds will now have a specific permission available to them to prompt or ‘nudge’ members.
“This will allow funds to be proactive and encourage members to think about their financial situation and to seek advice at important decision points that they might otherwise have missed,” Jones said.
