“The report into the adequacy of Australia’s allowance system has been released and the recommendations aren’t promising, particularly for older Australians,” said Senior Policy Advisor, Amelia Christie.

“Superannuation fund members pay $20 billion in fees each year despite appalling returns and many being better off if they had put their hard earned cash in the bank.

“The establishment of a Superannuation Consumer Centre to advocate on behalf of fund members and paid for by the Government and the superannuation industry is a waste of $10 million of taxpayer money”, said Paul Versteege, CPSA Policy Coordinator.

“The CPA Australia report calling the lump sum super payment system a “retirement savings disaster” does not look at the bigger picture,” said Research/Policy Officer, Amelia Christie.