Your Future Your Super - Treasury

Your Future,

Your Super

Reforms to make your

super work harder for you

October 2020

.au

What is the super system costing you?

30

$

billion

was paid last year in

super fees, more than

the $27 billion on

energy, and

$12 billion on

water bills

6million

multiple accounts held

by 4.4 million people

13.6%

increase

in the average

MySuper fee on a

$50,000 balance

since 2014

2

121

$

billion

is contributed by

Australians each

year into the

superannuation

system

100

$

billion

of Australians¡¯ money

is in underperforming

super products

3

accounts

million

are in underperforming

super products

Budget 2020¨C21 | Your Future, Your Super reforms to make your super work harder for you

Your Future,

Your Super

Reforms to make your

super work harder for you

October 2020

.au

? Commonwealth of Australia 2020

ISBN 978-1-925832-18-1

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4

Budget 2020¨C21 | Your Future, Your Super reforms to make your super work harder for you

Contents

Your Future, Your Super . . . . . . . . . . . . . . . . . . . . . . . . . 1

Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Minister¡¯s foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Fixing the superannuation system . . . . . . . . . . . . . .14

Your super follows you . . . . . . . . . . . . . . . . . . . . . . . . 19

Empowering members . . . . . . . . . . . . . . . . . . . . . . . .21

Holding funds to account for underperformance . 22

Increasing transparency and accountability . . . . . 25

Measuring the benefits of Your Future, Your Super 28

Next steps¡ªroadmap for reform . . . . . . . . . . . . . . . 34

Appendix 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Appendix 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Your Future, Your Super reforms to make your super work harder for you | Budget 2020¨C21 5

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