Rest calls for advice reforms, extending SGBY ELIZA BAVIN | FRIDAY, 31 JAN 2025 12:32PMRest has called on the Australian government to implement reforms that it says are critical to make the super system fairer. The super fund released its 2025-26 pre-Budget submission, which outlined 10 key recommendations. These recommendations included extending the superannuation guarantee to all under-18 workers, including those working less than 30 hours per week, with an appropriate transition period for businesses. "We represent over one million young members under the age of 30, and we want all young workers to have a fair start with super. The change we propose will provide that fair start and financially benefit countless young workers right from the start of their working lives," Rest chief executive Vicki Doyle said. "We are calling for the government to commit to this change in this year's Budget and include a thorough consultation process and multi-year staged approach to implementation, to consider the impact to employers." The fund is also calling for urgent progress on reforms to financial advice and retirement, as well as a review into the introduction of 'Superannuation Carer Credits' for periods of unpaid caring work. "We are also calling for the government to act on financial advice and retirement reforms, including urgently passing the second tranche of the Delivering Better Financial Outcomes reforms to make it easier for funds to provide affordable, accessible, clear and easy-to-understand financial advice to our members," Doyle said. "These reforms can provide a pathway for super funds to cost-effectively increase the scope and reach of financial advice, while also maintaining strong consumer protection for members." Doyle added that, with super contributions set to be included on the Parental Leave Pay scheme from July 2025, it is important that the government consider ways to help others engaged in unpaid caring work reach fairer financial outcomes at retirement. "Women are disproportionately impacted financially at retirement due to periods of unpaid caring working. We've made significant progress that will benefit many thousands of new parents from the middle of this year, but we have significantly more work to do to close the gender super gap," Doyle said. "The government should commence a review to assess ways to introduce 'Superannuation Carer Credits', which would compensate workers for superannuation they've missed out while they've been out the workforce doing unpaid caring work." Among the primary recommendations, Rest also called for the government to update the Low Income Super Tax Offset policy settings to give a fairer deal to low-income earners. It also wants the government to fund and develop a framework for data sharing between government agencies and super funds to uplift data integrity, and support efficiencies across the system. In addition, Rest asked the government to reform the law so family violence perpetrators are not able to inherit their victim's superannuation benefits, co-design with First Nations peoples the development of a holistic 'First Nations Retirement Strategy', and establish an ambitious plan to ensure the swift transition to a net zero economy. The fund wants to see the government prioritise the release of the Net Zero Plan and robust sectoral decarbonisation plans to give investors certainty to allocate capital to the transition. Rest also asked the government to accelerate current work with State and Territory governments to prioritise policy changes to encourage institutional investment in housing supply and outline a more detailed roadmap and provide appropriate resourcing for the next phase of the sustainable finance agenda, including a focus on decent work and social and economic inequality. Related News |
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