This report examines how extending the Superannuation Guarantee to all ordinary time earnings by workers under 18 years of age, not just for those who meet the 30 hour per week threshold, would improve members’ retirement outcomes and deliver broader social and economic benefits.

Australia’s $3 trillion superannuation system is the fourth largest in the world and is responsible for managing the retirement savings of 16 million Australians. This document outlines some reform options to make the superannuation system better for members.

This report assesses the efficiency and competitiveness of Australia’s superannuation system and whether better ways to allocate defaults are needed.

This report has been prepared by Darren McShane, at the request of the ASIC, following its announcement of an external expert review of Regulatory Guide 97, Disclosing fees and costs in PDSs and periodic statements (RG 97).

The Commission is undertaking this inquiry under the twin (stage 2 and stage 3) terms of reference. This draft report brings together both streams of work to provide an overall assessment of the superannuation system and recommend policy changes.