Australia’s superannuation industry has welcomed the appointment of Dr Daniel Mulino as Assistant Treasurer and Financial Services Minister.
On Monday, Prime Minister Anthony Albanese confirmed Mulino would take over the portfolio, citing his PhD from Yale as strong evidence of his suitability for the position.
Mulino had been widely tipped as a strong contender for the role, given he has been a member of the House of Representatives standing committee on economics since 2019 and serving as the chair since August 2022.
Responding to the news, Australian Retirement Trust (ART) said that it looks forward to working collaboratively with the new Financial Services Minister.
“As one of Australia’s largest superannuation funds, we believe a strong relationship between government and industry is essential to ensuring the retirement system works in the best interests of the members we serve,” ART’s CEO David Anderson said on Monday.
“We welcome Dr Mulino’s appointment and remain committed to working constructively with him to ensure Australia’s superannuation system remains one of the best retirement savings and income systems in the world.
“Dr Mulino is a highly-credentialed economist who served as chair of the House Economics Committee in the last Parliament.
“Through that role, Dr Mulino demonstrated his strong interest in, understanding of and support for our vital industry.”
Looking forward, the CEO said that the government’s work on reforms spanning financial advice laws, payday super, and the introduction of mandatory service standards should be top priorities for the minister to address in this term of Parliament.
“Our industry must have the right policy settings to ensure hard-working Australians are able to get the most out of their retirement savings and incomes,” Anderson said.
Also on Monday, the Association of Superannuation Funds of Australia (ASFA) similarly welcomed Mulino’s appointment.
“We congratulate Minister Mulino on his appointment and look forward to establishing a positive and fruitful working relationship with him,” said ASFA CEO Mary Delahunty.
Delahunty also pointed to key reforms that it had outlined prior to the election for the next government to keep front of mind.
Speaking on improving retirement outcomes through quality advice – a key policy point for the industry – the CEO said: “We know a nation of people who are well-informed about their retirement and have options to get guidance on areas they are unsure of will empower individuals and lead to better outcomes.”
ASFA has also implored Mulino and the new government to put payday super in place by 1 July next year to ensure working Australians receive their superannuation payments at the same time as their wages without delay.
During the election campaign, the Labor Party also committed to looking into how it can stop perpetrators of domestic and family violence from receiving their victims’ superannuation after death.
Now, ASFA has urged the new government to work with the super sector to further address financial abuse.
“Superannuation is working well and Australians know it – they’re seeing the outcomes of a successful system which is paying dividends for better retirement outcomes,” Delahunty said.
“Protecting people’s super, getting it paid on time, and giving people the guidance they need in retirement will take this world-leading system and make it even better.
“We look forward to working with Minister Mulino and the re-elected government to make these changes happen.”
