Who we are
Our history
On 1 October 2023, Australia’s profit-to-member superannuation funds established a new peak body – the Super Members Council (SMC) – following a decision by the super funds who were members of AIST and ISA to create a new single, collective voice to advocate for the interests of 11 million everyday Australians with their super in profit-to-member funds.
Our purpose
We are a strong voice advocating for more than 11 million Australians who have over $1.5 trillion in retirement savings managed by profit-to-member superannuation funds. Our purpose is to protect and advance the interests of super fund members throughout their lives, advocating on their behalf to ensure superannuation policy is stable, effective, and equitable. We produce rigorous research and analysis and work with Parliamentarians and policy makers across the full breadth of Parliament.
Our values
Australia’s $3.7 trillion superannuation system is one of the most effective retirement schemes in the world.
Australians today have more super than ever, and the size of super balances is changing lives – delivering higher living standards, stronger financial security, and more flexibility in retirement.
The proportion of employees receiving superannuation has grown from about 30 per cent in the mid‑1970s to 90 per cent today.
The median super balance of Australians nearing retirement is now around $205,000 (women $173,000, men $244,000).
The total combined value of Australians’ annual super retirement benefits including lump sums and income streams currently sits at around 1.5 to 2 times the total annual cost of our age pension system.
SMC will speak up to protect the benefits the system is already delivering to Australians, and the critical role that superannuation plays in Australia’s social and economic prosperity.
We will work to keep improving our world-class system and ensuring it operates efficiently and effectively and in the best financial interests of super fund members.
SMC will work to ensure the benefit of our superannuation system groups are shared broadly and fairly. Some Australians are not currently receiving their fair share – and remain at risk of a less financially secure retirement, including women, low-income earners, and First Nations people.
Our capabilities
SMC is a strong voice to protect and promote the long-term interests of super fund members.
Industry-leading economic modelling and research – we produce a robust evidence base for public policy development in members’ best interests. SMC modelling informs policy deliberation by illuminating the impact on super fund members, fund and system analysis, fiscal costs, and the economy-wide effects of superannuation policy. Our modellers access a broad range of datasets enabling customised analysis equivalent to the capabilities of Government. We also commission external research where additional capabilities, data sources, or industry expertise are needed.
Policy expertise – in-depth knowledge across the full spectrum of superannuation and related issues. Our policy team has strong relationships across government, government agencies, and throughout industry to understand the wide array of policy positions and analysis.
Government and Parliamentary relations – our experience and capabilities come from multiple specialist staff and long-term relationships in Canberra across the full breadth of the Australian Parliament.
Advocacy – Expertise and thought-leadership across traditional and digital media and other communication channels gives SMC the ability to build community awareness, set the agenda, and inform public discussion with robust evidence and compelling clarity.
Working with industry
SMC engages closely with a broad range of industry stakeholders, gathering intelligence on the operating environment, stakeholder views, consulting widely on issues, building understanding and support on policy positions, and identifying opportunities for collaboration.
We regularly partner with other organisations on shared priorities and welcome contact from anyone interested in promoting and protecting the long-term superannuation interests of Australians.