At AustralianSuper we believe all Australians should live well in retirement. With one of the world’s best retirement savings systems, that ambition is a reality for many. But super still isn’t super for everyone1.
More than 30 years after the introduction of Australia’s compulsory super system, Aboriginal and Torres Strait Islander members are still less likely to have super savings, and when they do, it is around half the balance of the total Australian population2.
Ways we support Aboriginal and Torres Strait Islander members
As Australia’s largest super fund, we want to help close the super gap for First Nations members.
We’ve been working and advocating for change to help these members achieve a better financial future.
Through our Innovate Reconciliation Action Plan (RAP) we’ve been working to build relationships and cultural understanding of Aboriginal and Torres Strait Islander peoples and communities to improve how we deliver on our purpose for members.
This has built on the work we’ve been doing for more than 10 years to support First Nations members to engage with their super.
Projects and services we support include:
- A specialist, culturally trained team in the Contact Centre to serve Aboriginal and Torres Strait Islander members
- An interpreter service to support members in Language
- An organisation-wide Cultural Learning Framework so all AustralianSuper colleagues will be more able to meet the needs of the estimated 100,000 First Nations members of the Fund
- A First Nations Procurement Strategy to increase our use of First Nations businesses
- A skilled volunteering program to support First Nations businesses
- Financial literacy programs in remote schools in the Northern Territory
- Two educational radio programs (both translated into two First Nations Languages) in partnership with the Central Australian Aboriginal Media Agency and
- A partnership with Career Trackers to provide paid internships to Aboriginal and Torres Strait Islander students.
Advocating for change
We’re also advocating for change to the super system to help First Nations members retire with more.
We believe things like lowering the preservation age for First Nations members will make a positive impact on their retirement.
We’re also looking at how we can improve the insurance claims process to better recognise the needs of First Nations members.
The Voice to Parliament
AustralianSuper recognises and supports the right of members to exercise their individual choice and vote in the upcoming referendum on The Voice to Parliament (the Voice).
As a Fund, AustralianSuper supports the Voice. When AustralianSuper became a signatory to the Uluru Statement of the Heart in 2017, we did so to show our commitment to helping First Nations members to achieve a better financial position in retirement.
That’s why we support the Voice – because we believe it will help deliver better retirement outcomes for members and is an important step towards truth-telling and Treaty.
More work to do
While the Voice provides a mechanism for feedback, there is still more work to do in closing the gap and achieving reconciliation.
The Voice will give First Nations people and communities a path to provide feedback on policy and legal decisions that impact their lives. This may include policies that can close the super gap and help super to truly be super for all Australians.
To find out more
To learn more about how AustralianSuper supports First Nations members, you can read our Reconciliation Action Plan.
More information about the Uluru Statement from the Heart and the Voice Referendum can be found via the following links: