What’s Next for Super: Key Takeaways from ASFA National Legislation Discussion Group Webinar – 16 June 2025

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At the June 2025 ASFA National Legislation Discussion group webinar, James Koval, Chief Policy & Advocacy Officer at ASFA provided an insider's look at the future of superannuation policy. His message was clear: reform is coming — and fast. Here’s what you need to know. 

1. Payday Super: No Time for Delay

The upcoming shift to Payday Super — a reform aimed at reducing the $5.2 billion in unpaid or underpaid super that currently affects approximately 700,000 workers annually. The legislation, due to commence on 1 July 2026, will require employers to pay super at the same time as wages.

Despite calls from some employer groups to delay the start date to 2028 or even 2030, James made it clear: any delay would simply lock in more lost super. Instead, ASFA supports an education-first approach from the ATO to support smaller employers through the transition. 

The benefit? According to ASFA’s modelling, a 25-year-old could be $6,000 better off in retirement.

2. Advice Reform: Meeting Australians Where They Are

Next up was the long-awaited financial advice reform. James described the current advice landscape as expensive and inaccessible for many Australians — too many people aren’t getting any help to know if they are on track to retire well. 

The government’s proposed solution includes: 

  • A new class of adviser within super funds

  • Permission for funds to send “nudges” or proactive messages to members

  • Greater flexibility in how advice is delivered and charged

But challenges remain. There’s still further legislation that needs to be drafted, and a need to align stakeholders behind the reforms. The goal is simple: get more Australians the guidance they need to retire well. 

3. Super Tax Caps: What $3 Million Really Means 

James also tackled the politically charged “$3M super tax” — a proposal to reduce tax concessions for balances above $3 million. While it affects just 0.5% of super members, the debate around indexation and unrealised gains continues.

The government is expected to prioritise this legislation early in the parliamentary term given its impact on the federal budget. ASFA’s position? Ensure APRA-regulated funds aren’t burdened with cost-heavy valuation obligations and preserve efficiency for the 17 million Australians they serve.

4. Service Standards: Sector-led, Member-focused

Finally, James highlighted ASFA’s ongoing work on member service standards — particularly in claims handling and complaint response times. With evidence of almost 1,000 fewer complaints lodged this year, it’s clear this work is paying off.

What’s the common thread across all this?

Each change must answer a simple question: Does it improve retirement outcomes for Australians?

Thanks again to James and the ASFA team for sharing their insights and continuing to champion evidence-based reform.