Super lobbies welcome bipartisan support to fight financial abuseBY ELIZA BAVIN | MONDAY, 28 APR 2025 12:05PMThe federal opposition has said, if elected at the upcoming federal election, it will work to fight against financial abuse. This comes after Labor senator Katy Gallagher and minister for social services Amanda Rishworth promised to introduce new measures to target perpetrators of financial abuse last week. The Super Members Council (SMC) welcomed the Coalition's election commitment to eradicate financial abuse from the superannuation system. SMC wrote to all parties and candidates ahead of the election seeking their formal commitments to support specific law reform so family violence perpetrators can no longer inherit their victim's super. In a formal response to SMC, the Coalition said it recognised the problem and if elected would "work with stakeholders to best address the matters raised in this recommendation". In a broader policy announcement on family violence prevention, the Coalition also vowed to "strengthen Commonwealth taxation, welfare and superannuation systems where practicable to eradicate financial abuse" and "take strong action against perpetrators to end their abuse in all forms". SMC chief executive Misha Schubert said there was an urgent need to close the loophole to allows perpetrators of violence to inherit victims' super. "Under current laws, an abuser can receive a victim's super death benefit unless they are the direct cause of that person's death," Schubert said. "This applies even if the perpetrator has been convicted of family violence offences, or in cases when there was systemic abuse which indirectly contributed to the cause of the victim's death. "A clear resolve from all across the Parliament is crucial to prevent perpetrators from walking away with the super of the person they abused. We encourage all parties and independents to support this reform." The Association of Superannuation Funds of Australia (ASFA) also welcomed the commitment from the Opposition to eradicate financial abuse. "ASFA has long advocated for change to stop perpetrators of family violence gaining a financial advantage through the superannuation of their victims, so we welcome the Opposition's commitment to ending financial abuse in the sector," said ASFA chief executive Mary Delahunty. "ASFA is committed to work with an incoming government to implement changes that will protect the most vulnerable while ensuring superannuation fulfills its purpose of providing dignity and financial independence in retirement for everyone." Related News |
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