Explore the latest developments concerning One million Australians.
One million Australians in ‘unsustainable’ super funds: APRA
The number of people exposed to unsustainable superannuation funds leapt 35 per cent last financial year as more managers in Australia’s $4.5 trillion retirement savings system were deemed to be falling short of the prudential regulator’s standards.
After a multi-year effort to close unsustainable super funds, the Australian Prudential Regulation Authority’s latest annual report showed it failed its performance goal of reducing the number of members exposed to super funds falling short on growth, performance and efficiency standards.
Gift articles to anyone you choose each month when you subscribe.
7.5 million super accounts held $21.2 billion in lost and ATO-held savings
Your digital subscription includes access to all content on our agricultural websites across the nation.
Access unlimited content and the digital versions of our print editions – This Week's Paper.
Lost superannuation remains a significant issue in Australia, with billions of dollars in retirement savings disconnected from the people who earned them.
According to the Australian Taxation Office (ATO), as at 30 June 2026, just over $21.2 billion was held in lost fund-held and ATO-held super across almost 7.5 million accounts.
Superannuation can become lost for a variety of reasons. People may change jobs during their working lives and accumulate several super accounts.
They may move house and fail to update their contact details with their super fund, change their name, or simply forget about a super account established many years ago.
Small Household Folding Portable Automatic Ultrasonic Forward and Reverse Pulsator Imitation Hand Wash with Drain Hole Machine
The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.
For more detailed information, explore updates concerning One million Australians.
Leave a Reply