Mulino flags super reform focus on retirement, cyber and scams

The Assistant Treasurer has reaffirmed the government’s commitment to strengthening retirement outcomes, consumer protections and cyber resilience in superannuation.

Assistant Treasurer Daniel Mulino has told delegates at the Association of Superannuation Funds of Australia (ASFA) Conference that Australia’s $4.3 trillion superannuation system is entering a pivotal phase as millions of members approach retirement.

Addressing more than 1,000 industry leaders on the Gold Coast, Mulino said the government remains committed to improving the quality of advice, consumer protections and retirement phase outcomes, while maintaining the integrity of a system that is “world-leading” and central to the nation’s social fabric.

He praised the sector’s contribution to major reforms, including the achievement of the 12 per cent superannuation guarantee, the introduction of Payday Super to close an estimated $6 billion annual gap in unpaid contributions, and the expansion of the Low-Income Superannuation Tax Offset (LISTO), which will benefit three million low-income earners.

Mulino said around 2.5 million Australians will enter retirement over the next decade, equivalent to the population of Brisbane or Perth. He stressed the need to empower members to make complex financial decisions while ensuring that “appropriate guardrails” are in place to protect them from emerging risks.

He reaffirmed the government’s commitment to progressing the Delivering Better Financial Outcomes (DBFO) reforms to make financial advice more affordable and accessible, alongside work on a best-principles framework for retirement income products and new member service standards across the sector.

Cyber security and scam prevention also remain front of mind. Mulino applauded ASFA’s leadership in driving sector-wide collaboration and warned that the recent collapses of First Guardian and Shield highlight the need for stronger system-wide resilience.

“We need to make sure that people can have confidence in areas where there is strong government oversight,” he said, adding that ASIC and APRA are working closely with Treasury to address regulatory and compensation issues.

Looking ahead, Mulino said the government is keen to support greater investment engagement with South-East Asia, citing co-investments with IFM Investors and Plenary, and to streamline regulation by reducing overlapping data requests from financial regulators.

“The superannuation system is world-class, but there are areas to strengthen — in the retirement phase, in advice, and in regulation,” Mulino said. “We’ll continue working closely with industry to deliver on those priorities.”