The federal government has named a not-for-profit organisation as its consumer advocate in the superannuation sector and will provide annual funding for its work until mid-2029.
Assistant Treasurer and Financial Services Minister Stephen Jones announced Super Consumers Australia will receive $1 million per financial year for five years to promote the interests of superannuation members by representing them in policy development and assisting them in understanding the system.
The funding for a consumer advocate was allocated in the 2023/24 budget will come from the superannuation supervisory levy, which is administered by the Australian Prudential Regulation Authority.
Super Consumers Australia was chosen as the recipient of the funding following an open and competitive grant process, according to Jones, who said it would allow the organisation to focus on driving better consumer outcomes.
“We want consumers to have a strong voice on their super. Having an independent advocate to government and industry will deliver better outcomes for members,” Jones said.
“We want people to retire with more money, so we’re making sure the super system is as strong as it can be.
“Congratulations to Super Consumers, who have already been doing great work to drive better member outcomes and I look forward to their continued advocacy.”
According to its website, Super Consumers Australia was established in 2013 as the Superannuation Consumers’ Centre and “advances and protects the interests of low and middle income people in Australia’s superannuation system”.
It is currently partnering with consumer advocacy group Choice to promote change via education campaigns, input to government policy, and research and analysis on fund performance, fees and insurance.
