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Financial services minister Jane Hume has confirmed the government's YourSuper comparison tool has recorded over 1 million hits.
“The Government’s YourSuper comparison tool has recorded over 1 million hits since it was released in July. Thirteen MySuper products failed the Government’s new bright line performance test covering 1 million member accounts.
“Australians for the first time have been able to compare their super fund against other default products on an apples to apples basis, with an objective test administered by APRA on fees and performance. Under‑performers have been clearly called out and members are able to easily consider alternative products.”
Ms Hume noted that the tool is putting Australians first in its approach.
“Australians work hard to earn their wages, and of course superannuation is deferred wages,” she said.
“The Morrison Government is committed to ensuring Australians’ retirement savings work as hard as they do. We will always put Australians first, not fund managers.”
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