Australia’s superannuation industry is facing renewed pressure after a new assessment found many of the country’s largest retirement funds continue to deliver poor customer service, prompting consumer advocates to call for the federal government to introduce mandatory service standards. The findings have reignited concerns that millions of Australians are not receiving adequate support when managing their retirement savings.
The latest survey, conducted by Super Consumers Australia, assessed the customer service performance of 20 major superannuation funds through a mystery shopper program. Across approximately 1,000 phone calls, the average customer experience score was 49.9%, with no fund reaching the benchmark considered to represent high-quality service. The report highlighted inconsistent advice, lengthy wait times and difficulties for members seeking assistance with financial hardship or complex enquiries.
Consumer advocates argue the results demonstrate that voluntary improvements have not been enough. They are urging the government to introduce enforceable customer service standards similar to those applied in banking and telecommunications, including requirements for response times, complaint handling and support for vulnerable customers. They say stronger regulation is needed as Australia’s A$3 trillion-plus superannuation system matures and more members begin drawing retirement income.
Several major super funds disputed the findings, arguing the survey relied on mystery shoppers rather than actual members and therefore did not reflect the full customer experience. AustralianSuper, for example, said it has recently changed call centre providers and reported that its average phone response time is now under two minutes, with customer satisfaction at record levels. Industry groups also noted that members increasingly use digital services and online messaging, which were not measured in the survey.
The debate follows increased regulatory scrutiny of the superannuation sector after previous investigations identified delays in handling death benefit claims and other member services. The Australian Securities and Investments Commission (ASIC) has continued monitoring trustees’ progress, while the federal government is consulting on reforms aimed at improving standards across the industry. Draft legislation on enhanced service expectations is expected to be released.
Consumer groups say that as compulsory superannuation balances continue to grow, members should expect the same level of service and accountability as customers receive from other major financial institutions. The discussion is likely to shape future regulation as policymakers seek to strengthen confidence in Australia’s retirement savings system while ensuring funds remain focused on members’ interests.
