Story perspectives

Labor bans lead-generator super contacts, boosts penalties

8/19/2026

Summary

Story summary

Labor government, with Assistant Treasurer Daniel Mulino, announced reforms that ban lead-generator contacts, keep the super guarantee at 12 percent, tighten consent rules, narrow adviser exemptions and raise penalties for illegal super-sales.
Treasury Minister Jim Chalmers rejected One Nation leader Pauline Hanson’s early-access proposal, warning it would “decimate” retirement incomes.
Tax office data show 67,900 early super releases in 2024/25 totalling just over $1.4 billion, and 43 percent of withdrawers later regretted it.

History

Historical Context

Australia’s compulsory super system began with the 1992 Superannuation Guarantee Act, championed by Treasurer Paul Keating, which set a 3 % employer contribution. After the rate rose to 12 % by 2025, assets exceeded AU$100 billion in 2005. Today Labor ministers Daniel Mulino and Jim Chalmers are tightening significant super-sales rules to curb illegal withdrawals.

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Story summary

Labor government, with Assistant Treasurer Daniel Mulino, announced reforms that ban lead-generator contacts, keep the super guarantee at 12 percent, tighten consent rules, narrow adviser exemptions and raise penalties for illegal super-sales.
Treasury Minister Jim Chalmers rejected One Nation leader Pauline Hanson’s early-access proposal, warning it would “decimate” retirement incomes.
Tax office data show 67,900 early super releases in 2024/25 totalling just over $1.4 billion, and 43 percent of withdrawers later regretted it.

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