The Financial Services Council (FSC) welcomes the Government's response to the payday superannuation consultation, which includes requiring employers to pay their employees superannuation at the same time as their salary and wages from 1 July 2026.
CEO of the FSC Blake Briggs said: "Ensuring superannuation payments are made on payday will significantly increase Australians' balances at retirement as the more frequent contributions will be subject to increased compounding returns."
The Government response also limits the advertising of superannuation funds during employee onboarding to default MySuper products that have passed the annual performance assessment.
"Informed consumer choice promotes competition in the superannuation system and delivers superior outcomes for consumers.
"The FSC commends the Government on reaching a sensible middle ground that facilitates competition between superannuation funds, encourages choice of fund, but also ensures people will only be shown products that have passed the annual performance test."
