Call for Reforms in Superannuation System
SYDNEY — A new report by the Super Members Council, launched today, highlights significant barriers faced by First Nations people in Australia’s superannuation system. The report, titled ‘A fair retirement: Removing barriers in super for First Nations peoples’, underscores the need for sector-wide improvements and government-led reforms to enhance service standards for First Nations members.
According to the report, while progress has been made, gaps remain in cultural safety, service standards, and the recognition of kinship structures within the superannuation framework. Developed in collaboration with the First Nations Foundation, the report identifies six better practice principles for super funds to improve experiences for First Nations members.
Principles and Recommendations
Key recommendations include genuine leadership buy-in for culturally safe practices, investment in staff training, and modernisation of identification processes. The report also stresses the importance of recognizing First Nations kinship structures in superannuation law, allowing for more culturally relevant beneficiary nominations.
Misha Schubert, CEO of the Super Members Council, stated, “Australia’s super system has delivered enormous benefits, but it has not worked equally for everyone. First Nations peoples continue to face barriers that shouldn’t exist.” Leah Bennett, CEO of the First Nations Foundation, added that collaborative efforts are necessary to drive change and improve outcomes for First Nations people in superannuation.
The report’s release coincides with Close The Gap Day, highlighting ongoing income disparities and lower super contributions for First Nations people compared to non-Indigenous Australians. The report calls for reforms from the government and regulatory bodies like APRA and ASIC to establish clear expectations for cultural safety and service standards.
Source: newshub.medianet.com.au
