How the reforms will benefit you?
There are 6 million multiple accounts held by 4.4 million people. These multiple accounts mean $450 million in unnecessary fees are drained from the super accounts of millions of Australians each year. This measure will result in 2.1 million fewer unintended multiple accounts over 10 years, saving workers about $2.8 billion by avoiding duplicate fees, insurance and lost earnings across that time.
Source:Budget Factsheet 2020-21
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Last modified: Monday, October 12, 2020