10/12/2025
Almost a year after the largest superannuation failure in Australia’s history put at risk the retirement savings of 12,000 Australians, Labor has finally come out with their tepid response – one that offers no help for victims and once again sidesteps the systemic failures by ASIC that will allow more disasters to keep occurring.
“Instead of taking responsibility, the Government has announced yet another consultation. Australians are sick of endless reviews and consultations that go nowhere. Their latest announcement offers nothing to help the victims and continues to show Labor have their heads in the sand about the failures by ASIC that allowed this to occur,” Mr Conaghan said.
Mr Conaghan said the Government had already had enough consultations but failed to act.
“Labor ignored the recommendations of the Sterling Income Trust review. Labor buried their own Managed Investment Scheme review. Labor refused to respond to the Senate’s recommendations about problems with ASIC. There were many submissions to those reviews that were ignored. Treasury has provided at least seven pieces of formal written advice on these issues since 2022 – yet the Government failed to act. Their solution is another consultation.”
“The Government has been warned continually since it came to office. But instead of addressing the issues inside ASIC, the Treasurer is asleep at the wheel. After more than three years in office and with the largest super failure on his watch, the Treasurer still hasn’t even bothered to update his own Statement of Expectations for ASIC. This is basic stuff.”
The Coalition will take a constructive approach to any sensible legislative changes put forward by the Government, but Mr Conaghan said the Opposition would apply two simple tests:
- Would this reform, if it had been in place, have meaningfully protected the victims of First Guardian and Shield?
- Do the changes unfairly reduce choice and competition in superannuation?
“Too often the ideas we’ve heard being floated by the Government seem likely to fail both these tests. Australians deserve a system that protects their super and their choices.”
“Until Labor decides to confront ASIC about their failures it’s clear these disasters will continue to grow and Australian’s super will not be adequately protected.”
ENDS
Link to Assistant Treasurer’s statement can be found here: https://ministers.treasury.gov.au/ministers/daniel-mulino-2025/media-releases/consumer-protection-and-stability-finance-sector
