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Only one month ago, the Productivity Commission (PC) delivered its scathing final report on the efficiency and competitiveness of Australia’s $2.8 billion superannuation system, which noted a multitude of failures ranging from a proliferation of poorly performing funds, excessive fees, unnecessary and costly insurance products, and multiple accounts.
Most importantly, the PC final report also recommended a sweeping public review of compulsory super “in advance of any increase in the Superannuation Guarantee rate”:
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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.