Superannuation

Australia’s superannuation system is broken. 

Super is costing too much and delivering too little. 

We need a system that promotes self-sufficiency in retirement. Self-sufficiency requires choice. Choice should extend to the management of your retirement funds. 

In his 2020 book, Bad Egg, Senator Bragg undertook a granular examination of superannuation, coming up with a series of concrete proposals to improve the system. 

One of these proposals included the introduction of a sole purpose test, which formed the basis for the best financial interest duty as legislated by the former Coalition government.

Superannuation funds should be managed, for the sole purpose of providing for your retirement. Unfortunately, this does not describe our present reality. 

Large superannuation funds charge billions in fees and use members’ savings for advertising, political donations, directors’ fees, and payments to trade unions. 

With the Labor Party on the Government benches in Canberra, super funds have been elevated to a status above the law. 

In Opposition, Senator Bragg is standing up against Labor’s policies designed to unfairly benefit the superannuation sector. 

Superannuation funds must be made to work harder for their members. 

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