The Senate Economics Reference Committee has referred an inquiry into improving the Australian retirement system.
The inquiry Improving consumers experience, choice and outcomes in Australia’s retirement system will report by 30 June 2024.
Its term of reference states it will cover:
A statement from Senator Andrew Bragg, chair of the committee, highlighted the focus on insurance in super and aged care.
“The 2023 Intergenerational Report projects a 70 per cent increase in per capita expenditure on aged care over the next 40 years. Our inquiry will examine the merits of an aged care insurance product to futureproof our aged care system.
“In addition, the Inquiry will examine how to improve customer experiences and choice in insurance.
“Over the last 12 months, complaints about death benefits offered by super funds rose by 136 per cent. There is a systemic problem with these products, which the government has failed to address.”
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.