Super Consumers Australia wants permanent funding

Super Consumers Australia (SCA) has revealed to a Parliamentary Committee that it has aspirations to secure permanent funding to make it a stand-alone entity representing superannuation consumers.

The SCA, currently describing itself as a start-up and in partnership with consumer group, Choice, said it had been formed in 2013 as “a not-for-profit to advance and protect the interests of superannuation consumers”.

However, the SCA has grown out of Choice’s decision to form the Centre of Superannuation Consumers in 2013 which weighed into a number of policy issues at the time including the Abbott Government’s moves to amend the Future of Financial Advice (FOFA) legislation.

In its submission filed with the Senate Economics Legislation Committee this week, the SCA backed the Government’s legislation to close the superannuation salary sacrifice “loophole” which allowed employers to reduce their superannuation guarantee obligations.

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In doing so, the SCA said its position was consistent with that Choice in 2017 and cited Industry Super Australia modelling that claimed the cost of the salary sacrifice loophole at an estimated $1.5 billion a year, affecting around 370,000 workers.