There are now trillions of dollars tied up in Australia’s superannuation system, so it should come as no surprise that successive governments take an interest. The Your Future, Your Super reforms introduced on 1 July 2021 are the most recent example of this and are unlikely to be the last.
Those changes were designed to hold the system, and the super funds that manage that money, to account. On balance, this is a good thing, as long as the outcomes achieved are the best for members and their retirement savings.
In fact, superannuation in Australia has undergone constant change during its 150-year history, even though it’s only really in the last three decades that it’s become accessible to all working Australians.
So, let’s take a look at the highs and lows over time…
What’s the end result?
Overall super is better than it ever was but if the above table proves anything it’s that there will always be tinkering with super. Sometimes this tinkering will be favourable, while at other times maybe not so much.
The bottom line is that it is prudent to take advantage of any favourable changes when the opportunity arises, because you can never be too sure they will be there next year.