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.”
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.
Market volatility continued to weigh on fund returns last month, with persistent uncertainty making it difficult to pinpoint how returns will fare in April.
The Association of Superannuation Funds of Australia (ASFA) has called for the incoming government to prioritise “certainty and stability” when it comes to super policy.