MySuper
The Gillard Labor Government will assist families to save for their retirement by introducing a new low cost, simple superannuation product called "MySuper". We will also work with the superannuation industry to modernise and streamline the administration of the superannuation system.
The superannuation industry manages $1.3 trillion in hard-working Australians' retirement nest-eggs. Every dollar diverted in fees or other unnecessary overheads is a dollar less going towards a larger and more secure retirement. Over a person’s working life, these fees can total tens of thousands of dollars of lost retirement income.
These reforms form the first part of Federal Labor's response to the Cooper Review into Australia’s Superannuation System and continue Labor’s commitment to ensure all Australians enjoy a secure retirement.
The MySuper reforms are part of the Gillard Labor Government’s plan for a stronger economy and are the next phase of Labor’s reforms to our national superannuation system.
MySuper builds on the Prime Minister's breakthrough agreement on the mining tax that delivers a major boost to the superannuation of working Australians through a lift in the Superannuation Guarantee, a new low income super contribution, and increased super contribution caps for over 50s.
MySuper Fact Sheet
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