Rest’s super reform recommendations

Extend the superannuation guarantee to all workers under 18, including those working less than 30 hours per week, with an appropriate transition and phasing period for businesses.

Currently, workers under 18 only receive super if they work more than 30 hours a week in one job - an outdated rule that leaves many young workers behind.

If this rule was scrapped, the benefits would be significant.

Rest analysis shows a Rest member starting work at 15 could have around $18,100 in additional super by retirement (in today’s dollars).^*

^*Rest’s analysis is illustrative only, based on reasonable assumptions but has limits. Information about the analysis and assumptions can be found in Rest’s media release

Urgently legislate Tranche 2 of the Delivering Better Financial Outcomes (DBFO) reforms to enable affordable, accessible, clear and easy-to-understand financial advice for super fund members.

We know the right advice at the right time can help members build financial confidence and reach their best possible retirement.

90% of Rest members say knowing more about how to manage their finances, including superannuation, helps them to feel more confident.^*

^*Source: Research conducted by Redbridge Group, on behalf of Rest, via an online survey of 1,007 Rest members aged 18 and above between 23 January and 6 February 2025. The data is weighted based on Rest’s gender and age weights to reflect Rest’s membership profile.   

Rest believes super funds managing Australians’ retirement savings should deliver competitive investment performance against appropriate benchmarks. However, the current performance test framework requires improvement to better support member outcomes. In particular, reforms should remove investment constraints created by the existing framework design.

Rest also recommends removing stamp duty as a reportable transaction cost under ASIC Regulatory Guide 97. Treating stamp duty as a transaction cost can discourage investment in certain Australian asset classes, including property. To maintain transparency, Rest supports reclassifying stamp duty and retaining a disclosure requirement.  

Progress a retirement framework that supports Australians who have lower balances and/or rent their home by streamlining retirement, increasing the Work Bonus threshold and increasing Commonwealth Rent Assistance.  

Fund and develop a framework for data sharing between government agencies and super funds, to uplift data integrity and support efficiencies across the system. 

Fast track a comprehensive package of consumer safeguards to respond to emerging risks in the consumer landscape revealed by the Shield and First Guardian collapses. 

Commence a review to consider appropriate models for introducing ‘Superannuation Carer Credits’ in Australia to compensate workers who miss superannuation contributions while providing unpaid caring work. 

Together with First Nations peoples and relevant industry stakeholders, co-design the development of a holistic ‘First Nations Retirement Strategy’. 

Drive emissions reduction in Australia to the top of the Government’s Nationally Determined Contribution (NDC) for 2035 (being 62-70% reduction on 2005 levels) and Net Zero by 2050.