Anthropic鈥檚 Claude Mythos Preview has attracted global attention for its ability to identify software vulnerabilities at new speed and scale. Anthropic has said it does not plan to make Mythos Preview generally available and is instead providing controlled access through 鈥楶roject Glasswing鈥�, an initiative designed to help organisations find and fix vulnerabilities in critical software before they can be exploited.

The early access has been provided to a group of major technology, security and financial organisations, including ASFA member, J.P. Morgan. In a long blog post, JPMorganChase鈥檚 Global Technology Leadership team stress that getting the fundamentals of cyber security right are the most powerful steps companies can take to prepare for this new environment.

In this condensed version of its , JPMorganChase lists the ten most valuable actions that organisations should take right now:

1. Run the latest software versions: Legacy systems that run outdated software pose a significant risk, with unpatched flaws in end-of-life software being a primary attack vector. It鈥檚 often difficult to upgrade software when companies are multiple versions behind, slowing down processes to react to newly discovered vulnerabilities.
   
2. Manage assets and software components with reference data: You cannot fix what you don’t know about. Incomplete or inaccurate asset inventories leave blind spots that attackers will find before you do.
   
3. Build and operate a robust vulnerability management program: Discovering and remediating known vulnerabilities quickly is foundational, particularly for perimeter-facing software and hardware assets where exploitation is often automated and immediate.
   
4. Stress test incident response and resiliency plans: Plans that have not been exercised under realistic conditions will fail under real pressure. Resilience is proven in practice, not in documentation.
   
5. Know your major SaaS and outsourced dependencies: Critical business processes increasingly rely on third-party platforms and services, a compromise or outage at a key provider is your incident to manage, regardless of where the fault lies.
   
6. Optimise change management for speed: The patching and deployment processes that were designed for quarterly release cycles are now a liability. Every day of delay between a fix being available and a fix being deployed is a day of unnecessary exposure.
   
7. Aggressively filter outbound traffic from production systems: Most production systems have no legitimate need to reach the open internet, restricting outbound traffic creates strong immunity from software supply chain attacks, command-and-control callbacks, and data exfiltration.
   
8. Remove standing privileges from employee entitlements: A compromised employee workstation should not automatically provide an attacker with credentials to production systems. Standing privileged access is one of the most reliably exploited paths from initial compromise to critical impact.
   
9. Manage remote access and segment where possible: Flat networks and broadly shared environments allow attackers to move laterally with ease. Architecting for containment ensures that a single point of compromise does not become an enterprise-wide event.
   
10. Embed security into the AI development and deployment lifecycle: AI is simultaneously a threat accelerant and transformative capability to help you do more work faster. However, organisations must secure their own use of AI with the same rigor (or more!) than any critical system.
    

Strengthening super鈥檚 cyber shield

For financial services, the message is clear: AI is changing the speed and scale of cyber risk, but is also reinforcing the need for stronger defences, faster detection and a more coordinated and comprehensive response.

The superannuation sector holds retirement savings for 19 million Australians, making strong cyber and financial crime protections essential to member trust and system resilience.

To support super funds, ASFA is bringing together the sector to join in the fight against cyber and financial crime through the Superannuation Cyber and Financial Crime Coordination (SC3) Framework. The SC3 Framework is designed to help funds prepare and respond to cyber threats, scams, fraud and financial crime, by sharing insights, improving preparedness and supporting a consistent sector wide response when risk emerge.

The Framework includes the development of a sector-wide threat intelligence capability (subject to authorisation), coordinated incident response planning, exercises and specialist forums to ensure lessons are shared and translated into action.

As frontier AI accelerates both the risk and tools available to bad actors, collaboration across the industry has never been more important.

For more information on the SC3 Framework and how your fund can get more involved, please contact m_collins@superannuation.asn.au.

Read the full blog post on JPMorganChase鈥檚 website: .

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*check against delivery*

Welcome back!

Before we move into the first awards of the night, I wanted to take a moment to reflect on our world class retirement savings system.

Nights like these are about recognising excellence and a reminder of what excellence now requires from our sector. At ASFA, when we think about the future of this system, we come back to three words.

Safe. Simple. Stable.

A super system that keeps money and data safe. That is simpler to operate and navigate. And is stable over the long term. That sounds neat, of course – three words always do!

The hard bit is making them real in a system managing $4.5 trillion in assets, for 19 million Australians with super, more than $220 billion in contributions flowing into the system every year and about $140 billion flowing into people鈥檚 pockets annually as well.

Simplicity matters because complexity costs money and makes it harder for members to make good decisions.

Stability matters because people save over decades, and policy settings need to reflect that – which is why It was positive to see the recent budget maintain existing CGT settings for super.

But tonight, I want to focus on Safety.

Last month ASFA conducted our annual poll of super members. This year it showed that keeping money safe from criminal activity is second only to investment returns as the top priority for members.

82% said they trust their fund to manage their money for retirement.

77% trusted their fund to always look out for their best financial interests.

And 78% trusted their fund to keep their personal data safe.

That trust is hard won but it can be tested very quickly. The cyber incident experienced by the sector last year while well contained, was a very clear warning shot. And none of us are under any illusion about how attractive this sector is to criminals.

I鈥檓 not ignoring the advice reforms required, let it go without saying tonight they play an enormous role in safety and trust. I鈥檒l add to that though -the fight in front of us now is to keep members鈥� money and data safe. And like every gain we have made for the sector it will not be fought on one front alone. We need to be rock solid and as united as possible. While you strengthen your internal capabilities, we need to learn from each other, we need to engage in legislative areas that are unfamiliar, we need to engage as investors, we need to be as good at the protection as we are at the growth.

In a highly interconnected system, this cannot be done by funds or service providers acting alone.
That is why ASFA is driving the SC3 framework, the super sector鈥檚 collective cyber and financial crime defence capability.

The first stage is cyber. The next will be broader financial crime 鈥� scams and fraud.

Because cyber resilience and financial crime prevention are now two sides of the same problem.

Every year, close to $1 billion dollars is lost by Australians to investment scams alone. Losses that disproportionately affect superannuation members. A loss of retirement savings, regardless of the exit point of that money, is a loss for our sector鈥檚 reputation, which erodes trust in us all and makes members more susceptible to loss 鈥� and the cycle continues.

Social media is a key gateway for investment scams. Losses from this channel rose around 30% in the 2025 data and the loss reported increased by around 50%. This is driven by fake investment ads, impersonation of financial brands and advisors and AI generated endorsements, that are flourishing through social media despite our relatively strong regulatory landscape. It is completely unacceptable.

And it requires our collective attention, super can do a lot in our backyard but we are the exit point to a decision made somewhere else, with someone else. And as the great Archbishop Desmond Tutu said there comes a point where we need to stop just pulling people out of the river, we need to go upstream and find out why they are falling in.

That鈥檚 not an arms crossed refusal to do more than we possibly can, our very unique social license almost insists that we use the big shadow we can caste to go up that river.

And our fiduciary duty does too, as a society when we fail to prevent harm at the source, the cost does not disappear 鈥� someone else is left to carry it.

The Compensation Scheme of Last Resort is a clear example. Every well-established financial services market will have a form of compensation scheme; the need is not in question. But a scheme, that has only been operational for 2 years, now needing to rely on levies from super fund members when they generally can鈥檛 claim from it, a public policy failing.

Other countries show that this can be done better. ASFA has commissioned research to examine how compensation schemes operate around the world. Successful schemes globally rest on 3 pillars: clear and fair compensation, risk-based industry funding, and a genuine last-resort model where regulators pursue bad actors before costs are passed to others.

The CSLR is well intended, and well managed and despite being young its design is obviously flawed 鈥� if other countries can get this right, there is no excuse for Australia not to.

For members safe super is felt in practical moments: when a payment arrives on time, when fraud is prevented, when a claim is handled with care, or when retirement starts to feel real, when they can access the help and guidance they need. When they feel their money and information is being safely cared for in our hands.

Tonight鈥檚 awards are an opportunity to recognise the value of these moments and celebrate excellence in the categories of advice, member services, insurance, innovation, digital advice, investment, responsible investment and retirement solutions. Come with us to apply this excellence to our fight for safe super, it will take all our muscle. In our time in this system let one of our legacy achievements be the strengthening of it. Thank you 鈥� let’s get to these awards.

Congratulations to all the finalists. Thank you for the work you do every day for members, and good luck to everyone for the rest of the night!

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The way Australians think about retirement is evolving rapidly, divergently and sometimes concerningly.

Equip Super鈥檚 latest nationwide research for the Equip Super Financial Security Index uncovered some surprising results. Australians across generations are heading toward retirement in very different ways, and most don鈥檛 feel confident they are ready.

For younger Australians, retirement is a distant goal shadowed by economic uncertainty. They鈥檙e aiming high, setting super targets upwards of $2 million, but many are unsure where to begin. For older Australians, retirement is no longer a fixed destination but a moving target, shaped by cost-of-living pressures and health concerns. For Gen X, caught in the middle, the window to plan is narrowing fast, and they are worryingly underprepared.

The findings point to a growing disconnect between expectations and preparation. Australians now believe they鈥檒l need nearly $1.9 million to retire comfortably, a figure that has doubled in just 18 months (since the last survey). Younger generations are aiming even higher, with Gen Z targeting $2.5 million and Millennials $2.1 million. But despite these aspirations, many remain unclear on how to reach them or whether they鈥檙e even achievable.

At the same time, retirement is being pushed further out. On average, Australians now expect to retire six years later than they once planned, although younger generations want to retire at significantly earlier ages. Boomers anticipate retiring around age 67, Gen X around 65, while Millennials and Gen Z hope to retire earlier, at 61 and 60 respectively.

Taken together, rising savings goals, delayed retirement and low planning rates help explain why retirement confidence remains elusive across the generations.

A retirement planning reality check

Less than half of Australians have a formal retirement plan, the survey revealed. Confidence in being able to retire comfortably remains low. And while each generation faces its own pressures: housing affordability, income security, healthcare, aged care, we鈥檙e all wrestling with the same question: how do I know if I鈥檓 on track?

The answer isn鈥檛 one-size-fits-all. But the turning point for many people, regardless of age or income, comes down to one thing, planning.

Planning isn鈥檛 just about numbers on a page. It鈥檚 about bringing structure to goals and clarity to decisions. It turns abstract fears like whether your super will last, or when you can afford to retire, into something tangible and manageable.

It also helps combat one of the most overlooked drivers of inaction: uncertainty. We heard from Australians who said they鈥檇 鈥渨orry about it later鈥� or didn鈥檛 know where to start. That hesitation is completely understandable. But it also reinforces the broader issue: in the absence of clear guidance, even the most motivated savers can feel stuck. Small steps can unlock a shift in mindset from anxiety to action.

The generation at risk of being left behind

Among all the generations, Gen X stands out. Despite being closest to retirement age, only 37% say they have a formal plan in place, less than both younger and older generations. This is a group that鈥檚 often balancing peak career demands, ageing parents and, in some cases, dependent children. Planning may not feel urgent, but the opportunity to take the most meaningful action is now.

Gen X in particular needs support that reflects the complexity of their situation, navigating peak earning years, family responsibilities and looming retirement decisions, often all at once.

This isn鈥檛 just about age or stage of life. It鈥檚 about confidence and whether people feel equipped to make informed choices about their future.

The gap isn鈥檛 just between Boomers and Gen Z. It鈥檚 between those with a plan and those without. Those who鈥檝e had the chance to sit down, map out their goals, and understand what鈥檚 possible, and those who haven鈥檛.

Once a member has defined their goals, guidance from a planner or their super fund can help chart a realistic path forward. Even small steps taken now, like adjusting contributions or investment options, can have a meaningful impact on long-term retirement outcomes.

What the industry can do

One of the clearest signals Equip Super is seeing, both from research and member behaviour, is that people want more support, support that is easy to access and relevant to where they are right now.

A big focus has been ensuring guidance and advice isn鈥檛 only accessed at the end of the journey but supports members all the way through.

Equip Super has enhanced its processes and services, including proactive communications relevant to members鈥� life stages, boosted education programs, provided more advice at no added cost and expanded our Retirement Centre to offer personalised guidance to all members.

It鈥檚 about helping people take the next step, not overwhelming them. As an industry, we can focus on making those first planning steps easier, because for many, the barrier isn鈥檛 motivation, it鈥檚 not knowing where to begin.

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As the peak body for the entire APRA-regulated super system, from industry and retail funds to wrap platforms, ASFA has the principle of informed choice front of mind as we develop our responses to a range of proposals.

One is removing the ability to pay for financial advice about switching funds using money held in your super fund.

With two and a half million Australians retiring in the next decade, we are fighting for reforms to increase access to trusted financial help and advice. Changing the rules so retirement savers are charged out-of-pocket costs to help them choose the best super fund for them risks putting up another barrier and runs counter to the principle of informed choice.

Applying a choice lens to the Compensation Scheme of Last Resort, informed choice should mean fairness in access and accountability. We cannot support an approach where millions of Australians choosing relatively hands-off default structures are required to fund a scheme from which they cannot claim. Such an approach is inherently unfair and distorts choices by separating responsibility for funding from the ability to benefit.

But the government is in a tough spot as the costs of the CSLR have exploded. So they have also proposed a range of measures to strengthen consumer protections.

This is the right focus because you can’t make a free, informed choice when someone is pressuring you into a decision while hiding the downside risks and their conflicts of interest.

We support any efforts to better regulate lead generators. Phone and internet-based lead generation is a low-margin business. Measures that raise the cost of non-compliance should all be pursued, while avoiding impacting useful consumer information from legitimate comparison services.

The government is also seeking responses on efforts to introduce friction to transactions including mandatory waiting periods for switching funds.

We have seen these concepts considered in relation to scams and fraud 鈥� and they do sit neatly there. However, I am concerned that any proposed solution of 鈥榮and in the gears鈥� to slow a fund switching transaction is operationally impossible and is too far removed from a consumer’s actual decision point, which has likely been made over a period of weeks or months and may be fully informed or advised.

Rather than slowing down switching between funds, we would like to see more focus on ensuring consumers are genuinely informed of the risks and responsibilities that come with their decision.

More rules doesn鈥檛 always mean better rules, it can mean more for funds to do which creates more cost and more frustration.

The legislated Objective of Super – to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way, is the 鈥渨hat鈥� of super. The central components of preservation, universality, compulsion and genuine informed choice are the 鈥渉ow鈥�. Helping Australians make the most of our system and transitioning from accumulation to retirement is the 鈥渨hy鈥�. When the what, how and why of super are aligned, and genuine choice is properly considered through reform, the system can deliver outcomes Australians can trust.

This article was published in the .

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A new paper by ASFA examining the sources for, and intermediaries for, the funding of investment by Australia鈥檚 business sector shows that Australia鈥檚 home-grown private pension system is doing some heavy lifting supporting critical infrastructure and business growth, particularly in comparison to that of other developed overseas economies.

But as asset allocation decisions are made by trustees at the product or investment-option level and must be in members鈥� best financial interest, the paper explores some of the impediments to more efficient allocation of funding and the impact on future capital investment.

Super is helping drive growth and productivity

For Australia鈥檚 business sector, the bulk of funding for new fixed capital investment 鈥� and, by extension, capital deepening 鈥� is intermediated via Australia鈥檚 financial system, which includes Australia鈥檚 superannuation sector.

Capital deepening is an increase in capital investment per worker (such as machinery, tools, technology and infrastructure). Business investment that lifts capital per worker underpins productivity growth, and so when productivity increases and broadly distributed, living standards are lifted.

Superannuation is now one of the biggest sources of long-term funding for Australian business having outgrown banks.

While banks are still the largest single domestic investment source overall at 44%, super now follows closely at 39% (that is, 28% institutional super funds plus 11% self-managed super funds) and this has risen strongly over two decades.

However super has overtaken banks as a funder of incorporated businesses but it is expected that unincorporated businesses (such as smaller businesses/sole traders) will continue to be predominantly financed by banks through loans.

Australia鈥檚 super system sets us apart from the rest of the world

Compared with other OECD countries, where institutional capital is more heavily concentrated in insurers, investment funds, and public pension structures, Australia has a much larger share of national investment through individuals鈥� private savings. Everyday Australians are therefore increasingly having an ownership stake in the economy and its growth.

Overseas there is a shortage of capital funding for the private sector. Most notable is the in UK private markets.

Australia however is fortunate to have deep capital markets and national savings at around 1 trillion more than it otherwise would without superannuation. Superannuation has created a huge pool for businesses to use to invest in productivity gains.

Domestic funding for Australia鈥檚 business sector

Total accumulated domestic funding for Australia鈥檚 business sector is approximately $3.1 trillion, and this is largely used to fund new investments in fixed capital.

This can be broken down into:

• Share of domestic business funding: deposit-taking institutions (mostly banks) about 44%; institutional super funds about 28%; SMSFs about 11%.
• Over the last two decades, super鈥檚 total share rose from about 23% to about 39% (ie super funds and SMSFs combined)
• Incorporated business: banks about 36% vs super about 44% combined (institutional funds plus SMSFs).
• Institutional super funding is overwhelmingly via listed and unlisted equity, including stakes in companies and structures holding commercial property and infrastructure.
• Corporate bonds and other debt securities are only about 2% of total domestic funding for incorporated business.
• Business fixed capital investment is around $330b in FY2024-25 (around $400b if business investment undertaken on behalf of government is included).

Business investment that lifts capital per worker supports productivity growth

Super fund members increasingly have a stake in the economy because retirement savings are a major source of long-term funding for business and long-term assets. The returns accrue back to members.

The legislated purpose of super is that trustees must invest in members鈥� best financial interests.

However, investment decisions are made at the product level for members, and so this may not necessarily align with the economy鈥檚 overall funding needs.

In the paper ASFA finds that while institutional superannuation will remain a vital funding source for the real economy for decades to come, Australia鈥檚 business sector would benefit from greater diversity of financing options to better support new fixed capital investment.

There are constraints around super providing capital, such as performance tests, and other regulatory gaps preventing wider investment.

To contribute to Australia鈥檚 capital-deepening dynamic and therefor boost Australia鈥檚 rate of productivity growth, policy needs to broaden domestic sources of private funding.

Other key potential policy levers, particularly with respect to Australia鈥檚 energy transition and emerging industries, is government-funded specialist investment vehicles 鈥� which would benefit from greater visibility and centralisation of funding mechanisms.

Australia鈥檚 capital deepening dynamic (the key driver of productivity growth) is facilitated by funding intermediated by Australia鈥檚 world-class financial system.

If government wants to unlock super investment, it must make more opportunities investable on commercial terms so that they are clearly in members鈥� best financial interests.

To find out more, you read ASFA’s Superannuation Support for Business Growth in Australia paper.

For further information, contact policy@superannuation.asn.au.

---

To support members in understanding the research findings and implications for the sector, ASFA hosted a joint member webinar alongside the Australian Investment Council (AIC) on 24 April 2026.

Speakers:
Mary Delahunty, ASFA CEO
Andrew Craston, ASFA Economic Specialist
Navleen Prasad, AIC CEO

View the webinar here. (Please note this is restricted to ASFA members only.)

The post Superannuation support for business growth in Australia appeared first on 黑料专区.

Good morning, thank you for the warm introduction, and thank you for having me.

For those of you I haven鈥檛 met, I鈥檓 Mary Delahunty, CEO of the Association of Superannuation Funds of Australia, ASFA.

黑料专区 is the voice of super. Since 1962 we have been the representative body for professionally managed super funds of all types and their service providers –  administrators, insurers, custodians and other providers from across the sector.

We convene the superannuation sector to lead on the issues that no one organisation can solve alone.

And in an increasingly interconnected world and financial system, cyber resilience and financial crime sit firmly in that category 鈥� and has never been so important.

When we talk about superannuation, we often talk in very large numbers.

Trillions of dollars.
Millions of transactions.
Hundreds of funds and service providers.

But behind all of that, are people.

Almost 18 million Australians with superannuation accounts. For most, their super is one of the largest financial assets they will ever hold.

From humble but ambitious beginnings, this incredible system is now the fourth largest pension system in the world, and it is built on trust. The trust from those many millions of Australians that we will keep their money safe, grow it, and ensure it is there to support a dignified retirement at the end of their working lives.

And super IS trusted. A part of our role as the peak body is to measure sentiment in the community for the sector we represent. Every year, ASFA polls a statistically significant number of Australians on a range of issues relating to super. 鈥�

One question we ask is whether they trust their superannuation fund to manage their money for retirement.鈥�82%鈥痮f people do.

77% trusted their fund to always look out for their best financial interests.

And 78% trusted their fund to keep their personal data safe.

This trust is hard won. And it is why, as a system, we need to be proactive. Because if something goes wrong, trust can be lost quickly, and the strength of the system with it.

We saw that trust tested in April last year, when – for the first time – super experienced a coordinated cyber incident.

Criminals undertook a well-funded and multi-faceted attack on the super system over a period of a number of weeks. They used stolen or approximated email addresses and passwords in a mass credential stuffing action to attempt to access accounts. There was a relatively small number of successful actions, a few accounts were accessed, fewer still had funds extracted.鈥� Largely our systems held and the incident was relatively contained but it reinforced our responsibility to learn from these moments and ensure we continue to strengthen the system 鈥痶hrough a systems thinking lens, – beyond a collection of individual entities.

The opportunity that this regrettable incident presented was one of critical evaluation.

Each fund has strong defence system in place, APRA has been an influential regulator in this area and they have driven enormous uplift of capability across all superannuation entities. Each fund, and by contractual obligation, each critical service provider has information security requirements that are befitting the worlds fourth largest pension pool of savings. Continuous improvement is expected from the people of Australia, and the regulator, and will be prioritised.

So what are the opportunities for uplift that allow us to stay one step ahead of those who seek to part the people of Australia from their hard earned retirement savings?

After the incident, ASFA conducted a sector-wide 鈥榣essons鈥� review to collect information from CEOs and senior Information Security Executives within funds and critical services providers and the message was clear, we can be better prepared if we are better coordinated.鈥�

It is an opportunity that ASFA as the Association, together with other sub-sector bodies and other associations, can help to exploit.鈥� By adding a layer of intentional coordination across the sector we can strengthen the resilience and we can strengthen the response.

At the time of the April incident the sector didn鈥檛 have structured systems in place to communicate between technical teams at different funds.

We didn鈥檛 have a trusted channel for communications teams across funds to coordinate so information about the incident was delivered inconsistently, at times emerging through media reporting in a way that heightened member concern, rather than providing reassurance. Super took a reputational hit.

Now imagine that same incident鈥�. but in a system where information about risks doesn鈥檛 stay within organisations – it moves across the whole sector in a speedy and consistent manner.

And where there is a clear blueprint for how the sector comes together and responds in those moments.

That is the difference we are working to build.

Through the, Superannuation Cyber and Financial Crime Coordination, SC3, framework.

SC3 is the super sector鈥檚 coordinated response to cyber threats, scams and financial crime.

It is designed to bring together the strength of individual organisations to build collective resilience at a system level.

The Framework is made up four core pillars, which are intended to reinforce one another, to significantly increase the sector鈥檚 cyber and financial crime resilience.

The first of those pillars is a sector-wide cyber threat intelligence capability, the Superannuation Cyber and Financial Crime Exchange, or SuperFCX.

SuperFCX is designed to gather, analyse and share actionable threat intelligence through a superannuation lens, supporting earlier visibility of threats and more informed responses across the super sector.

To enable this to operate within Australian competition law we have applied for ACCC authorisation for the platform. That is currently sitting with the competition regulator.

The second is the Super Sector Cyber Incident Response Playbook.

Two dedicated cross-sector working groups are developing together how the sector will coordinate and communicate during a significant cyber incident – providing clarity on roles, escalation pathways and consistent messaging, while recognising that funds retain responsibility for their own regulatory and member communications.

The third is the Super Sector Response Exercises.

We will be undertaking the most comprehensive exercise the sector has ever contemplated in September this year and annually after that. Regular exercises allow the sector to practise coordinated responses to realistic scenarios, testing how we work together in real time and how the Playbook operates in practice, while identifying areas to strengthen system-wide preparedness.

And fourth pillar underpinning all of these initiatives are the forums and specialist working groups, bringing together expertise from across the sector to support coordination and shared learning.

The impact of getting this right is significant and we know this matters to Australians.

Our research shows that keeping money safe from criminal activity is second only to investment returns as a priority for super fund members.

More than鈥�one in five鈥疉ustralians say it is the鈥�most important鈥痜eature of their fund.

It is a core expectation on us.

Settling this work will also help us deal with emerging risks more effectively, I鈥檓 sure we are all watching with interest the Anthropic Mythos model and the reckoning that it is apparently bringing in cyber security. I鈥檓 sure you, like me, have been devouring any coverage you can on this, on glasswing, including recent reports that US Treasury Secretary Scott Bessent gathered financial sector leaders together to deliver a stark message about the potential dangers of AI models deployed internally posing a serious risk to sensitive customer data 鈥� we must hear that warning here as well.鈥� We can also learn from this my real message today, that traditional competitors are expected to find ways to work together to combat cyber risks.

The job of our association is to consider how to contend with these increasing risks as a whole of sector response.

Super has some natural defences worth remembering 鈥� firstly all of us with a super account have entered into a tax concessional system that holds as a central tenet the concept of preservation. Meaning that the money is difficult move out of super unless a condition of release has been satisfied, most commonly the age of the account holder. That somewhat lessens the risk to individuals of losing money in mass attacks, but the compulsory nature of super and that feeling that you can鈥檛 access it for a long time can breed disengagement making the risks of investment scams, potentially using stolen data from elsewhere a meaningful threat we need to deal with.

Let鈥檚 throw in market volatility 鈥� why? Well it matters to the risk profile. I don鈥檛 think it was any coincidence that the credential stuffing incident I described earlier was attempted at the same time as a known market shock was rippling through economies 鈥� Liberation Day. There is a significant enough body of evidence linking times of economic volatility and the high trading or panic that can often accompany this, with increased cybercrime.

Much will be written about the years we are in right now, among other observations they will be defined as economically volatile and in large financial institutions the high activity increases the risk for us and the need for vigilance.

Cyber and financial criminals exploit fragmentation. They look for the weakest point.

Which means the question is no longer:鈥疕ow strong are we individually?鈥疘t is:鈥疕ow strong are we collectively?

And while ASFA鈥檚 work on the SC3 framework is grounded in super, the implications are broader – because super does not operate in isolation.

We are connected to banking.
To insurance.
To payments infrastructure.
To government systems.

And while there is a clear expectation from government and regulators that sectors like ours strengthen coordination, it is not the only driver for change.

It is also coming from the people who rely on this system every day and place their trust in us.

So coming back to today鈥檚 theme – 鈥痑s we build the 鈥渇uture of finance鈥�, and 鈥渕ove toward more connected systems鈥�, the way we protect the trust placed in us, must evolve with that.

Because when 18 million Australians are relying on us to get this right, getting this right is not optional.

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Q1. What are the new/updated lump sum amounts needed to fund a comfortable and modest retirement for both couples and singles?

The new lump sums are: Comfortable single up from $595,000 to $630,000; comfortable couple from $690,000 to $730,000; modest single from $100,000 to $110,000, and modest couple from $100,000 to $120,000. These figures assume home ownership.

Lump sums required for modest retirement when renting privately were first calculated quite recently so we have not changed them at this time.

Q2: Why have lump sum amounts increased now?

There have been a number of factors in play. It is now some three years since the lump sums were last adjusted. Living costs in retirement have increased substantially. The Age Pension has increased in line with the percentage increase in living costs for retirees but that covers only part of expenditure in retirement. Also, deeming rates for investment returns subject to the Age Pension means test have increased, reducing the Age Pension payable to a substantial number of retirees.

Q3: What are deeming rates?

Deeming forms part of the means test for the Age Pension. It is used to determine the amount of income included in the income test part of the means test. It is called deeming as you are deemed to earn a certain annual rate of return on your financial assets, regardless of the actual returns. Instead of assessing your real investment income, a standard rate is deemed to apply to assets like saving, shares and managed funds. This system is a way to help simplify the assessment process and ensure consistency across applicants. Also, in many cases the deemed amount is lower than average investment market returns. The Government has made two upwards adjustments to the deeming rates in the last year.

Q4. Why are the weekly/annual expenses estimated for a modest and comfortable retirement adjusted quarterly, while the lump sum amounts for retirement remained unchanged for the past three years?

If the Age Pension increases in real terms, as it is expected to do so over the long term, then the Age Pension increases make a major contribution to covering the increased costs of retirement. The Age Pension is adjusted by the greater of the increase in real wages or the CPI. We also build a little leeway into the lump sum amounts. Investment returns have also been strong in recent years.

Q5. How do the lump sum estimates prepared by ASFA consider the receipt of the Age Pension?

Like the online calculators on many fund websites, ASFA makes use of a spreadsheet which takes into account receipt of the Age Pension over the course of retirement. In essence the calculation is one that involves goal setting for retirement savings at age 67 which will support either a modest or comfortable lifestyle in retirement.

We assume that superannuation savings are completely exhausted at age 92. Each year an increasing amount of Age Pension is received due to the interaction of the Age Pension means test and the increasingly smaller superannuation balance.

The estimate also takes into account the Age Pension increasing relative to inflation in the medium to long term given that the Age Pension maximum amount is linked to growth in real wages.

Q6. How does the Age Pension work in with super as people continue to draw down their super in retirement?

Most retirees will rely on at least a part Age Pension at some stage in their retirement. The Age Pension provides a base for retirement income and it also provides financial protection from the impact of longevity. If an individual suffers financial losses this in part is compensated by a higher Age Pension payment. The means test for the Age Pension means that superannuation and the Age Pension mesh together.

The Age Pension provides a floor for retirement income, but at a basic level. Superannuation allows individuals to achieve a comfortable standard of living in retirement, supplementing or replacing support provided by the Age Pension.

Q7: Do you expect the lump sums to change more frequently (than every three years) or are these set for a while now? And if so, what would make them change more often?

Most likely the next review will be in three years’ time. However, if inflation is high over the next couple of years and/or changes are made to the policy settings for the Age Pension it may be necessary to revisit the lump sum amounts sooner than in 2029.

Q8: Despite the raise is lump sums now needed for retirement, what is the outlook for retirees generally?

The outlook is good. Compulsory superannuation has now reached 12 per cent, the Low Income Superannuation Tax Offset is being extended, superannuation now applies to paid parental leave, and investment returns have been strong over the last couple of years. Around half of recent retirees are able to achieve a standard of living in retirement at ASFA Comfortable or above and this percentage will continue to increase as more people retire with lengthy paid work periods where the SG was at more than 9 per cent of wages.

However, it remains important for individuals (and couples) to check whether they are on track to achieve the standard of living in retirement they want and deserve. Voluntary superannuation contributions can attract valuable tax concessions for individuals and they play a crucial role in boosting retirement savings and living standards in retirement.

For further information, visit the 黑料专区 Retirement Standard including the Super Detective calculator where you can enter your ages to see if your super balance is on track.

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1 in 6 workers now benefit from retirement savings boost, 1 in 200 receive lower concessions on investment earnings

黑料专区 welcomes the passage of the Building a Stronger and Fairer Super System legislation through the Parliament, which includes two sets of changes to superannuation tax settings

The first change strengthens the Low-Income Superannuation Tax Offset (LISTO). Around 3.1 million low-income workers, about 1 in 6 Australians with super, will receive new or higher government contributions into their accounts. The maximum payment will increase from $500 to $810, with eligibility now linked to the upper threshold of the second-lowest tax bracket.

The legislation also introduces a tiered system for taxing earnings on the highest super balances (Division 296 tax), which will affect around 80,000 to 90,000 Australians, roughly 1 in 200 people with super.

The below case study example shows the LISTO change and impact:

Damon, 35 year-old warehouse worker (earning $44,000)

Damon is a 35-year-old warehouse worker earning $44,000. Previously ineligible for the Low Income Super Tax Offset (LISTO) due to the $37,000 threshold, he will qualify in FY27 when the threshold rises to $45,000.

With a 12% super guarantee, Damon will receive $5,280 in contributions and pay $792 in contributions tax. LISTO is designed to offset this tax, so the full $792 will be credited back to his super account.

黑料专区 modelling shows that receiving around $790 annually could increase Damon鈥檚 projected retirement balance from approximately $293,000 to $342,000 (in today鈥檚 dollars). An increase of $49,000.

How the Division 296 tax will work

Currently, earnings on superannuation investments are taxed at a flat rate of 15%, regardless of whether an account holds $10,000 or $10 million.

The Division 296 tax introduces a tiered system for earnings on the high-balance portions of super accounts. Specifically, the tax rate on earnings will increase:

• By an additional 15% (effectively 30%) for the portion of an account balance exceeding $3 million, below $10 million.
  
• By an additional 25% (effectively 40%) for the proportion of an account balance exceeding $10 million.

The tax will only apply to realised earnings. That is, earnings in cash after an investment asset has been sold, rather than 鈥減aper gains鈥� on assets that have not been sold.

The ATO will calculate the liability for the affected 80,000 Australians, who will have the option to pay the tax directly from their super funds rather than out-of-pocket.

The below case studies show the Division 296 changes:

Joan, 50-year-old dermatologist

Joan is a 50-year-old dermatologist with a $3.2M balance in a large, institutional super fund. In 2026-27, her fund reports $250,000 in investment earnings on her account, of which only $125,000 is realised from the sale of investment assets.

The ATO will calculate Joan’s Division 296 tax liability as follows:

• Portion above $3M: $3.2M minus $3.0M = $200,000, which is 6.25% of Joan鈥檚 balance.
  
• Realised earnings attributable to the amount above $3M: 6.25% of $125,000 realised earnings = $7,812.50.
  
• Additional Division 296 tax (15 per cent of attributable earnings): 15% of $7,812.50 = $1,171.88 (about $1,172).

Joan will pay $1,172 in tax on the $200,000 increase in her balance.

Fred, 62-year-old retiree farmer

Fred, 62, retired from farming last year while his daughters continue to run the business, paying rent to his SMSF, which holds the farm as an investment.

The farm was valued at $3M on 30 June 2026, and in 2026鈥�27 the fund generated $190,000 in net realised earnings from rent, investments and a taxable capital gain.

By 30 June 2027, Fred鈥檚 SMSF balance had grown to $4M, placing $1M (25%) above the $3M threshold. As a result, $47,500 of earnings are attributable to this portion, leading to an additional Division 296 tax liability of $7,125 for FY27.

Emily, 55-year-old lawyer

Emily, 55, is a partner at a boutique law firm she founded and has $12.9M in her SMSF as at 30 June 2027. In 2026-27 she sells a business property held in the SMSF and realises $840,000 in taxable capital gains. She sells no other assets.

Of her total balance, $7M sits between the $3M and $10M thresholds (54.26%), while $2.9M is above $10M (22.48%). Applying these proportions to her earnings results in $455,814 attributable to the $3M鈥�$10M portion and $188,837 to the amount above $10M.

Division 296 therefore, applies an additional 15% tax to the first portion ($68,372) and 25% to the amount above $10M ($47,209), bringing Emily鈥檚 total additional tax liability for FY27 to $115,581.

For further information and ASFA commentary read 黑料专区’s media release here.

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These questions and more were explored at ASFA鈥檚 Spotlight on Insurance event, where around 300 delegates from across the superannuation ecosystem gathered to discuss the future of insurance within the super system.

From regulatory settings and claims processes to mental health and emerging technologies, the program provided a wide-ranging discussion on where the sector has come from and where it may need to go next.

Looking back to look forward

Opening the event, ASFA鈥檚 Head of Research Ross Clare reflected on the long history of insurance being delivered through superannuation.

New ASFA research showed that group insurance in super provides widely accessible cover with strong payout and acceptance rates, delivering significant value for members. However, policy changes such as the Protecting Your Super and Putting Members鈥� Interests First reforms have altered the landscape, particularly for younger members and those with inactive accounts.

Should the sector revisit these settings? And how do we ensure members continue to receive meaningful protection through the super system?

These questions framed many of the discussions throughout the day and highlighted the importance of maintaining the strengths of group insurance while continuing to adapt the system to changing member needs.

Understanding where problems arise

Heather Gray from AFCA provided insight into complaints relating to insurance in super.

AFCA only sees cases where issues arise rather than the large majority of claims that proceed smoothly. Even so, complaints relating to delays have increased by around 35 per cent, while complaints regarding claim denials have risen by around 50 per cent.

Mental health conditions feature heavily in many of these disputes. A key takeaway was the importance of communication with claimants. When communication breaks down, trust can quickly erode and rebuilding that trust can be difficult.

The discussion also highlighted the sector鈥檚 increasing focus on claims handling standards. With regulators and policymakers placing greater scrutiny on the claims experience, funds and insurers are continuing to examine how processes, communication and service standards can better support members at what is often one of the most difficult moments in their lives.

Ian Beckett from APRA and Pippa Lane from ASIC shared perspectives on the regulatory environment for insurance in super.

Both speakers highlighted the importance of continuing to improve member outcomes while also acknowledging opportunities to reduce unnecessary reporting and regulatory burden where possible.

Progress is being made in addressing claims processing challenges, although the discussion made clear that there is still work ahead.

How well do members understand their insurance?

Research presented by TAL鈥檚 Dan Taylor explored how members view insurance through superannuation.

Levels of awareness and engagement vary widely. Many members remain uncertain about the details of their cover, yet those who actively engage with their insurance often report higher levels of financial confidence.

Interestingly, many members who interact with their insurance report that making changes to their cover is relatively straightforward, despite a broader perception that insurance through super is complex.

Greater member engagement therefore represents a potential win for both funds and members.

Mental health and the changing claims landscape

Mental health was a central theme across several sessions.

Dr Natalie Flatt from SuperFriend, Damian Hill from Commonwealth Superannuation Corporation and Jorden Lam from HESTA explored how changing workforce dynamics are contributing to rising levels of burnout, anxiety and depression.

These conditions often do not fit neatly within traditional insurance categories, prompting discussion about whether product design or legislative settings may need to evolve.

Early intervention was repeatedly highlighted as a critical factor in improving outcomes for members experiencing mental health challenges.

Further discussion from Chief Medical Adviser Dr Charles Phillis, Acenda鈥檚 Andrew Beevors and UniSuper鈥檚 Darren Williams examined the complexity of Total and Permanent Disability claims.

We heard that for medical practitioners and treating professionals, the claims process can be highly legalistic and difficult to navigate. This raises broader questions about whether the system is too focused on claim acceptance or rejection, rather than supporting recovery outcomes.

The final session of the day also examined the complexities of personal injury claims within group insurance arrangements.

Is the sector ready to rethink how TPD and disability income insurance operate?

Rethinking renewal and innovation

Other sessions explored the evolving nature of insurance products as funds grow, merge and serve increasingly diverse member bases.

Traditional risk assumptions and premium categories may no longer reflect modern workforce realities. Funds are also renewing themselves, with changing member demographics and new expectations from members.

Panellists discussed how product redesign, digital tools and innovation will play an increasing role in the insurance proposition.

Technology is also shaping the claims environment. Speakers highlighted the growing role of artificial intelligence in assisting with complex claims processes, while emphasising that a human touch remains essential when supporting members through difficult circumstances.

Continuing the conversation

If there was one theme running through the day, it was that insurance in super continues to evolve alongside the broader superannuation system itself.

As member expectations change, workforce patterns shift and new technologies emerge, funds, insurers and policymakers will need continue working together to ensure insurance in super remains fit for purpose and continues delivering meaningful protection for millions of Australians.

黑料专区鈥檚 Spotlight on Insurance will return in 2027, providing another opportunity for the sector to come together, share insights and continue the important conversation about the future of insurance in super.

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On the 13th of February, the Federal Court’s decision to impose $2.5 million in penalties against FIIG Securities Limited, marked a turning point for Australian financial services licensees, and the Australian regulatory landscape in general. For the first time, the Court has imposed civil penalties specifically for cyber security failures under general AFSL obligations, reshaping what it means to hold an Australian Financial Services Licence in the market today.

The decision reinforces that protecting client data and maintaining trust in financial systems are core obligations for licensees and highlights the growing importance of robust cyber capability in safeguarding market confidence and consumer outcomes.

The regulatory landscape has shifted

The case: The Australian Securities and Investments Commission v FIIG Securities Limited [2026] FCA 92

The Australian Securities and Investments Commission (ASIC) brought the case against FIIG Securities Limited for failing to meet obligations under the Corporations Act 2001 (Cth) due to inadequate cyber security measures.

These failures included basic security hygiene issues: absence of multi-factor authentication for remote access, inadequate password controls, improperly configured firewalls, and failure to maintain software patches addressing known vulnerabilities.

In addition to the lack of key technical controls, FIIG did not provide mandatory cyber security awareness training for employees, did not conduct regular penetration testing, and did not have qualified personnel monitoring security alerts.

FIIG admitted that implementing adequate cyber security measures would have enabled earlier detection and response to the breach, potentially preventing the download of confidential client data affecting some 18,000 clients.

The Court found FIIG’s failures represented systemic deficiencies across multiple areas of cyber security over an extended period from 13 March 2019 to 8 June 2023.

ASIC’s successful prosecution of FIIG Securities reflects the evolving nature of the regulator’s approach to cyber security failures. The Court’s declaration that FIIG breached sections of the Corporations Act 2001 demonstrates how existing licensee obligations clearly extend to cyber security capabilities. These are not new obligations, but the Court’s willingness to apply them rigorously to cyber security failures marks a significant enforcement shift.

This evolution reflects growing regulatory expectations globally, supported by enforcement action that demonstrates serious consequences for those who fail to meet reasonable standards.

The long tail of breach costs: financial and reputational impact

The $2.5 million penalty imposed on FIIG should be considered in the context of the overall financial impact. Beyond the penalty itself, FIIG was ordered to pay $500,000 in ASIC’s costs and to implement a compliance program that included an independent expert to review and improve its cyber security systems. These expenses are in addition to immediate breach response costs.

These regulatory consequences emerged approximately 32 months after the initial breach was detected in June 2023, with court orders issued in February 2026. This timeline illustrates a crucial point: the financial consequences of inadequate cyber security can materialise long after the immediate crisis has passed. Boards and executives who believe they have weathered the storm following initial breach response may face a second wave of financial impact through regulatory action. In the aftermath of a breach, regulatory penalties are hard to quantify, but the FIIG case shows they can dwarf initial response costs.

Perfection is not the standard

The Court’s decision is interesting in that it notes that the mere fact of a successful cyber-attack does not necessarily indicate regulatory failure as it is 鈥渁ll but impossible to prevent every cyber-attack鈥� in the current threat environment.

This admission is not an excuse to be complacent. Rather, it redefines what is considered defensible cyber security. The Court has supported ASIC’s concern, which does not seek to impose an unattainable level of cyber security. The regulatory expectation is that entities subject to the Act’s obligations have adequate cyber security systems in place that can prevent attacks where possible, detect intrusions when they occur, and respond effectively to minimise the consequences.

People, processes, and technology working together

The FIIG case illustrates that adequate cyber security requires the integration of people, processes, and technology in a coordinated framework. FIIG’s failures spanned all three domains: it lacked personnel with sufficient skills and time dedicated to security monitoring; its processes existed on paper but were not implemented in practice; and its technological controls were misconfigured, unpatched, or absent entirely. Boards of regulated entities must appreciate that investment in technology alone is insufficient.

The Court’s reasoning implies that adequate cyber security is an ongoing requirement rather than a static end goal. The threat landscape is constantly evolving as hostile actors develop new techniques to exploit existing gaps in organisational defences.

Having access to the most recent trends in who is targeting financial services organisations and the tactics used to carry out these attacks enables organisations to take proactive measures to reduce the likelihood of these attacks succeeding.

The focus is not only on assessing the external environment, but also on continuously assessing the capability of internal resources to ensure that people and processes are up to date, and incident response plans are tested and updated on a regular basis.

Why this matters for the financial services and superannuation sectors

Cybersecurity breaches not only expose sensitive information, disrupt business operations, and erode trust in financial institutions, but they can also have serious long-term financial consequences. The FIIG case also demonstrates the dynamic nature of the threat environment, and while regulators and courts recognise the complexities of operating in such an environment, they have little patience for organisations that fail to keep up with the evolving threat landscape. It also emphasises the importance of industry-wide capability development, collaborative learning, and coordinated responses to increasingly sophisticated cyber and financial crime threats.

All industries, including superannuation, are at risk from increasingly sophisticated cyber threats and scammers. Collaboration is globally recognised as an important tool to enhance resilience and strengthen organisations’ individual defences.

In response to this growing threat, the super sector is developing the SC3 Framework, a collaboration initiative to protect super fund members from cyber threats, fraud, and scams. Driven by the super sector and coordinated by the sector’s peak body, ASFA, the SC3 Framework will enhance resilience through sharing threat intelligence and working together to keep members’ retirement savings and data safe. The SC3 Framework includes the development of the Super Sector Response Playbook, which will act as a guiding document for how the superannuation sector will coordinate and communicate during a significant cyber security incident. This is supported by regular super sector response exercises designed to test the playbook, allowing the sector to practise its coordinated response to a significant cyber incident, stress-test processes, analyse outcomes, and strengthen and improve system-wide readiness.

For more information, please contact membership@superannuation.asn.au

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