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The Productivity Commission (PC) has released its long awaited 500-plus page draft report on Australia’s $2.6 trillion superannuation industry, which claims that five million member accounts are being short-changed, cites excessive fees and poor governance, and calls for substantive reform. Below are the key points:
- Australia’s super system needs to adapt to better meet the needs of a modern workforce and a growing pool of retirees. Currently, structural flaws — unintended multiple accounts and entrenched underperformers — harm a significant number of members, and regressively so.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.