Superannuation reforms will shine sunlight on a murky system
Australia ranks at the bottom for disclosure practices by super funds. That's why the Your Future, Your Super package is about making sure the system works for members, not fund managers.
Too many superannuation funds are taking advantage of opaqueness in the system and disengagement from members that can only be addressed through greater transparency.
The 2020-21 federal budget will be remembered for its spending commitments to help Australians through the COVID recession. But it also included the Your Future, Your Super reforms designed to increase transparency in the murky superannuation sector.
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Tim Wilson is a former Liberal MP and author of 'The New Social Contract'.
