The Super Members Council welcomes the appointment of Dr Daniel Mulino as the new Assistant Treasurer and Minister for Financial Services, and the formal reappointments of Treasurer Dr Jim Chalmers and Finance Minister Katy Gallagher.
We look forward to working closely with these key economic Ministers together with all members of Parliament over the next three years to strengthen the retirements of millions of everyday Australians.
There is an enormous opportunity ahead to continue to strengthen Australia’s world-class super system, further secure its foundations, and enhance its equity and effectiveness.
Topping the list of items for action is passing payday super legislation. Payday super laws will be a gamechanger to ensure 2.8 million Australians are paid the super they are legally owed, on time and in full. Millions pay the price of unpaid super every single day. They can’t afford any delay.
Rapidly finalising and passing changes to help millions of Australians access financial advice is another urgent priority. Financial advice is a key missing piece in the retirement puzzle. These reforms will help 2.5 million Australians preparing to retire this decade – this needs to be finalised swiftly.
Strengthening retirement for 1.2 million of Australia’s lowest-paid workers is also imperative. Low-income earners will soon pay more tax on super than on their take-home pay. The way to fix this is by boosting the Low-Income Super Tax Offset (LISTO) - which will also help close the gender super gap.
Most under-18-year-old workers are currently excluded from receiving super because an outdated law requires them to work 30 hours a week to be eligible. Axing this outdated exclusion is long overdue.
Housing was a major focus in the election and will be a pivotal issue for the new Parliament to make big strides on. Supply side policies are key – and SMC will continue to advocate for the role super funds can play in developing housing options at scale that deliver good returns for members.
Dr Mulino has a PhD in economics from Yale University and was Chair of the House of Representatives Economics Committee in the last term of Parliament.
Super Members Council CEO Misha Schubert said:
“We congratulate Daniel Mulino on his appointment as Assistant Treasurer and Minister for Financial Services and look forward to working together to further strengthen Australia’s super system.
“A clear message from the recent election is that Australia must always strengthen and not weaken our world class super system – it is a key source of financial security for all Australians.”
“We will continue to work across the full breadth of the Parliament to advance a positive policy agenda to make Australia’s world-envied super system even stronger for millions of everyday Australians.”