As reported in The AFR, Australia’s politicians have been urged to implement policies to stop superannuation funds from gouging members with excessive fees, with data revealed at Wednesday’s National Reform Summit by the Grattan Institute showing that super fees cost Australians some $21 billion a year, equivalent to half the Aged Pension bill:
Grattan Institute chief executive John Daley, who raised the $21 billion figure, said there was insufficient competition in the sector to drive down fees.
