ASFA, the voice of super, has welcomed this year’s Federal Budget for helping superannuation to be paid to workers on time, providing meaningful cost of living relief for retirees, and keeping some welcome stability in settings for the superannuation sector.
“Tonight’s Budget will help ensure retirement savers get the superannuation they are owed, as well as helping those who are already retired through energy bill relief, changes to bulk billing and adding new medicines to the PBS,” said ASFA CEO Mary Delahunty.
Ms Delahunty also said the stability this Budget keeps in the superannuation system will be welcomed by the millions of Australians saving for retirement.
“While changes in policy settings will always be needed, Australia’s superannuation system is working well on behalf of the 17 million Australians with superannuation accounts,” Ms Delahunty said.
ASFA welcomes the Government’s crackdown on unpaid super, with a $50 million commitment to ensure the timely payment of superannuation liabilities from medium and large business, with Treasury estimating an additional $31 million in superannuation to flow to employees as a result.
“Non-payment and underpayment of super is equivalent to wage theft and risks the retirement outcomes of millions of Australians,” Ms Delahunty said.
Budget papers also show the ATO has delivered almost $1 billion of previously unpaid superannuation through working to act on unpaid super, affecting 797,000 employees in 2023–24.
“We are delighted to see nearly 800,000 employees receiving the superannuation they are owed,” said Ms Delahunty.
ASFA also welcomed Budget papers re-affirming this government’s commitment to working with the superannuation sector and broader industry on Payday Super.
ASFA notes that there has been no movement on the Low-Income Superannuation Tax Offset (LISTO).
ASFA’s pre-budget submission highlighted that enhancing LISTO could make meaningful progress in closing the superannuation gender gap, with 55% of the 1.2 million Australians who could benefit being women. In real terms, a 35-year-old earning $44,000 a year could be $49,000 better off in retirement.
“While we were disappointed not to see this change in the Budget, we look forward to working with the incoming government to make sure this vitally important equity measure is delivered,” said Ms Delahunty.
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
