In this guide
Payday Super legislation passed
Employers will be required to pay employees their superannuation entitlements at the same time as their wages from next financial year, following the Treasury Laws Amendment (Payday Superannuation) Bill passing through the Senate.
Depending on their risk level, the implementation of the legislation will include transitional relief for some employers until 30 June 2027.
The Association of Superannuation Funds of Australia (ASFA) chief executive Mary Delahunty said the reforms would go some way to address the problem of unpaid super.
“Payday Super is one of the most significant reforms to the superannuation system in decades, and it’s long overdue. Paying super with wages will make the system fairer, boost retirement balances and ensure super is achieving its core objective,” she said.
“Our focus now is practical delivery. The detail in the regulations is now crucial as we work to help every part of the system prepare for this change. We’ll be working closely with Treasury, the Australian Taxation Office (ATO) and our members to ensure it’s done efficiently and effectively,” Delahunty said.
$19 billion in lost and unclaimed super
There is currently almost $19 billion in lost and unclaimed super potentially belonging to over seven million people, according to the ATO.
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“Checking for lost or unclaimed super is like reaching into your pocket and finding a $50 note – it’s your money, you just didn’t know it was there,” ATO deputy commissioner Ben Kelly said.
The average lost amount is $2,590. Around four million people hold two or more accounts, which could potentially be consolidated into one account, making it easier for people to keep track of.
Kelly said there are various reasons someone could ‘lose’ their super, for example, if their account was inactive and the fund couldn’t find them. Changing jobs, moving house or just simply forgetting to update details were other reasons people could lose their super.
“This super is not lost forever. The ATO wants to get this lost and unclaimed money back into your account,” he said.
In the last three years alone, the ATO has reunited or paid out unclaimed super accounts valued at almost $5.5 billion.
Retirees leaving up to $136,000 on the table
A new report from the Super Members Council (SMC) has revealed that retirees could be missing out on up to $136,000 (or $6,500 a year) over the course of their retirement due to the complexity of Australia’s retirement system.
In the report, the SMC models different scenarios in which retirees would be better off if they were aware of them. These include shifting super into retirement phase once a person is over 65 and not working full time, optimal drawdown size and timing, good-quality versus bad-quality super funds and a growth versus defensive portfolio.
“We need to make the shift into retirement so much simpler, easier and more intuitive for everyday Australians,” SMC chief executive officer Misha Schubert said.
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“Moving to a system of simpler, smarter pathways into retirement would mean every Australian could retire with confidence, knowing they’re not missing out on money to pay the bills and enjoy life to the fullest.”
The Retirement Revolution: Simpler Smarter Retirement report also found around 700,000 Australians over 65 who are not working full time still have their super sitting in taxed accumulation accounts, when it could be in untaxed retirement income streams.
HESTA and Prime Super fined for greenwashing
HESTA has paid the Australian Securities and Investments Commission (ASIC) $37,560 to comply with two infringement notices for misleading statements in paid advertisements about its commitment to removing carbon emissions investments.
ASIC alleges that between 15 April 2021 and 18 December 2024, HESTA has misleadingly stated that: “HESTA is committed to remove all investment in carbon emissions by 2050…” in a series of advertisements.
ASIC was concerned that the advertisements represented that HESTA planned to remove all investment in carbon emissions by 2050, when instead HESTA’s target was to achieve net zero carbon emissions across its investment portfolio by 2050.
“In making the representations, HESTA overstated its commitment to reducing investment in carbon emissions,” ASIC deputy chair Sarah Court said.
“Consumers relying on HESTA’s representation may have been denied the opportunity to make informed decisions about their preferred superannuation provider when HESTA gave a false impression that its commitment to reducing carbon emissions was more ambitious than it actually was.”
Prime Super has also paid ASIC $18,780 to comply with an infringement notice.
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ASIC alleges Prime Super made misleading statements when it said manufacturers of tobacco products were ‘excluded entirely’ from the fund. However, during the period in question, between 16 October 2023 and 11 June 2025, Prime Super indirectly invested in companies involved in tobacco manufacturing.
Prime Super self-reported the incident to ASIC.
ASIC raises SMSF concerns
A new ASIC review of 100 financial advice files relating to the establishment of SMSFs identified a majority, or 62, failed to demonstrate compliance with the ‘best interests’ duty.
It also found 27 files raised significant concerns about clients being left worse off after recommendations to set up an SMSF. In 24 of those 27 client files, ASIC was concerned that the financial adviser failed to prioritise the interests of the client above their own interests or those of their advice licensee or an associate.
“People often set up an SMSF because they think it will give them more control over their retirement savings, but they aren’t suitable for everyone,” ASIC commissioner Alan Kirkland said.
“SMSF trustees should be aware of the associated costs, responsibilities and risks. People who move their super from an APRA-regulated fund to an SMSF also lose important protections, including the benefits of prudential regulation and the ability to make a complaint about the fund or its trustees to AFCA (Australian Financial Complaints Authority,” he added.
Following the review, the regulator is considering a range of regulatory responses, including enforcement action, where it is particularly concerned about the advice being given.
International investments top 50% of super assets
Australian super funds have more than half of their assets invested overseas, according to NAB’s latest Super Insights Report.
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Find out moreThe report, now in its 12th year, surveys 37 Australian super funds, representing more than 80% of the industry’s $3 trillion assets under management. International investment allocation exceeded 50% for the first time, rising from 47.8% in 2023 to 50.9% in 2025.
“The shift to more than 50% international allocation reflects a commitment to diversification and delivering the best risk-adjusted returns for members,” NAB group executive, corporate and institutional banking, Cathryn Carver said.
“Funds are responding to market volatility and regulatory change by strengthening their liquidity management and embracing new technologies.
“This positions the sector to continue supporting Australians’ retirement outcomes and the broader economy.”
The report also found that artificial intelligence (AI) and digitisation are key themes in investment strategy, with most funds maintaining benchmark allocations to the US tech sector despite valuation concerns.
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