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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