with
STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM
and
TIM WATTS MP
SHADOW ASSISTANT MINISTER FOR CYBER SECURITY
MEMBER FOR GELLIBRAND

The Government’s failure to heed warnings from Labor and the superannuation industry that there are serious flaws in their early release superannuation program has now cost people thousands of their hard-earned retirement dollars.

Today’s Senate hearing revealed that the AFP are investigating up to 150 cases of fraud but that no Government Minister has taken steps to adjust the scheme or require additional checks.

The AFP have not ruled out cases of organised and offshore crime. Asking Australians to be ‘vigilant with their personal details’ falls well short of a satisfactory response.

This is a Government designed process and IT system. The Morrison Government can’t just blame the victims of fraud enabled by a system it created.

This is not business as usual.

The Government has designed a system for speed not accuracy.

With more than a million applications for early access to superannuation, Australians cannot afford their Government to be complacent.

Australians deserve a full explanation from Government Ministers on the measures they are taking to protect the integrity of our superannuation system and to ensure no further fraud takes place.

Just like the automated Robodebt scheme, this is a Government stuff up which requires a Government solution. People and super funds should not be left thousands of dollars out of pocket because the Government did not heed warnings from Labor and industry.

Australia has a world class superannuation system. We must protect the integrity of retirement savings at all costs.