Australians are taking charge of their own super like never before thanks to reforms passed by the Morrison Government.
The Government’s YourSuper comparison tool has recorded over 1 million hits since it was released in July. Thirteen MySuper products failed the Government’s new bright line performance test covering 1 million member accounts.
Australians for the first time have been able to compare their super fund against other default products on an apples to apples basis, with an objective test administered by APRA on fees and performance. Under‑performers have been clearly called out and members are able to easily consider alternative products.
Senator the Hon Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy, said:
“Australians work hard to earn their wages, and of course superannuation is deferred wages. The Morrison Government is committed to ensuring Australians’ retirement savings work as hard as they do. We will always put Australians first, not fund managers.”
The YourSuper comparison tool was introduced to empower superannuation members as part of the Your Future, Your Super reforms. The Morrison Government is committed to supporting Australian’s save for a comfortable retirement.