PC exposes Australia’s superannuation rip-off

Advertisement

By Leith van Onselen

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.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
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.