Jane Hume (Victoria, Liberal Party, Minister for Superannuation, Financial Services and the Digital Economy) Share this | Hansard source

I thank Senator Chandler for her question and her ongoing commitment to a more efficient and more cost effective superannuation system in Australia. The Australian superannuation system manages around $3 trillion in retirement savings on behalf of around 16 million Australians. While the system has grown significantly, it does need to adapt to better meet the needs of Australians.

The Your Future, Your Super package, announced in the 2020-21 budget, is the Morrison government's next step in modernising and improving the Australian superannuation system to ensure that it is working harder for all Australians. This is part of the government's plan to make the Australian super system more competitive, more transparent, more efficient and better governed and ensure that Australians can reap the full benefits of compulsory superannuation.

The Treasury forecasts the Your Future, Your Super package will save Australians around $17.9 billion over the next decade in reduced fees and better performance of the super system. Young Australians entering the workforce could be up to $98,000 better off at retirement because of these reforms. At present, Australian households pay around $30 billion a year in superannuation fees, and that excludes insurance premiums. That's more than the $27 billion that households spend on energy bills and the $12 billion they pay on water bills. This government's measures to date have gone a long way to combating the inefficiencies and anomalies, but more must still be done. The question must be asked: will Labor again oppose the legislation that will make Australia's system more competitive, transparent and efficient?