26 April 2021

It’s time the Government goes back to the drawing board on it’s Your Super, Your Future legislation. 

Labor has warned since the last budget that it is badly designed and won’t achieve what it sets out to do. 

We warned the proposed performance benchmarks would green-light higher fees and leave workers worse off in retirement. 

Now, seven months later, the Government has conceded they got it wrong and are rushing to fix it. 

A last-minute patch-up on administration fees won’t hide the other glaring problems with this legislation. 

Workers can still get stapled for life to under-performing funds. 

Super funds will still be penalised for investing in job-creating infrastructure assets in regional communities. 

And Josh Frydenberg still has the power to cancel super fund investments at a whim. 

Reforming super so workers end up with more in their pockets cannot be left to policy-on-the-run. 

The Government’s panicked, haphazard approach is only creating confusion and risking a dignified retirement for workers. 

It’s time to take a breath, do it once and do it right. 

Rushing to failure benefits no-one. 

It’s time the Government listened to Labor, fixed all the problems with its legislation and delivered true peace of mind to workers that their money is being managed properly.