The Senate Economics Reference Committee has referred an inquiry into improving the Australian retirement system.
The inquiry Improving consumers experience, choice and outcomes in Australia’s retirement system will report by 30 June 2024.
Its term of reference states it will cover:
A statement from Senator Andrew Bragg, chair of the committee, highlighted the focus on insurance in super and aged care.
“The 2023 Intergenerational Report projects a 70 per cent increase in per capita expenditure on aged care over the next 40 years. Our inquiry will examine the merits of an aged care insurance product to futureproof our aged care system.
“In addition, the Inquiry will examine how to improve customer experiences and choice in insurance.
“Over the last 12 months, complaints about death benefits offered by super funds rose by 136 per cent. There is a systemic problem with these products, which the government has failed to address.”
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.