In my electorate of Fisher we have more than 31,000 retirees and another 63,000 Australians who are paying taxes and saving towards their retirement. Thanks to the Morrison government’s landmark reforms to Australia’s superannuation system, those Fisher residents have access to new information today which could make a major difference to their quality of life in retirement.
Thanks to the Morrison government’s Your Future, Your Super reforms, the Australian Prudential Regulation Authority has published the first annual performance test of MySuper products on its YourSuper comparison tool. The results show how important the government’s reforms are and make uncomfortable reading for those funds which are failing hardworking Australians. The report found that $56.2 billion of Australians’ money is invested in 13 underperforming funds and that 1.1 million Australians are being short-changed today on their hard-earned savings—and that’s not to mention the eight super products which exited the market of their own accord when they knew the jig was up.
There is little doubt that among these 1.1 million Australians there are many who live in Fisher. To them I say: the Morrison government is on your side. Thanks to our reforms, your underperforming fund will now be forced to write to you to let you know that you could be getting a better deal elsewhere and how to go about finding one. I urge you to take that opportunity.