SuperFriend, the workplace mental health and wellbeing partner for the superannuation and insurance industry, has responded on behalf of its partners to the Productivity Commission’s inquiry into mental health.
The federal government announced the inquiry in November 2018, calling for submissions extending beyond the health system’s role in addressing mental health, education, employment, housing, disability support and the justice system.
SuperFriend recommended the Federal Government establish a cross-sector working group, invest in the development of a National Workplace initiative, develop incentives for industry-led implementation, and encourage positive strength-based strategies across all investments.
Margo Lyndon, chief executive officer of SuperFriend, said insurance claims related to mental illness and suicide had increased, and managing those claims had become complex and costly.
“We are calling for the Government to introduce practical measures in working with the industry and business in creating mentally healthy workplaces across Australia for all Australians,” Lyndon said.
“We spend so much of our time at work, and there's a clear correlation between mentally healthy workplaces and improved worker mental health and wellbeing.”
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.