In the 2023–24 Budget, the government announced funding to support a consumer advocate in the superannuation sector to give consumers an independent voice advocating for better outcomes on their behalf to government and industry.
Super Consumers Australia will receive a $5 million grant over five years to undertake the role. The funding has been allocated from the Superannuation Supervisory Levy, which is administered by APRA.
Assistant Treasurer and Minister for Financial Services Stephen Jones said the government wants “consumers to have a strong voice on their super”.
“Having an independent advocate to government and industry will deliver better outcomes for members,” he said.
“We want people to retire with more money, so we’re making sure the super system is as strong as it can be.”
SCA acting director, Gerard Brody, said the grant “will help us build upon our existing work”.
“That includes policy advocacy, using people’s stories to shine a light on the biggest problems in superannuation,” he said.
“Importantly, we also want to provide rigorous conflict-free research that uncovers things like fund performance, fees, insurance and customer service.”
SCA was founded in 2013 and is partnered with leading consumer advocacy group CHOICE. According to the organisation, it advances and protects the interests of low- and middle-income people in Australia’s superannuation system through campaigning and policy, research and analysis.
Its board includes former NSW Fair Trading Commissioner Rod Stowe; former deputy chair of the Australian Competition and Consumer Commission (ACCC), Delia Rickard; and former ASIC commissioner, Shane Tregillis.
