One Nation MP Barnaby Joyce has criticised the government for failing to support thousands of people who lost savings in the $1.1bn collapse of the Shield Master Fund and First Guardian. Joyce said he gave his ex-wife $400,000 as part of their divorce settlement, and that money is now gone. He urged the government to pay victims their super so they can retire, rather than a partial compensation payment. A Choice podcast investigation says about 11,000 Australians lost retirement savings, and the Australian Securities and Investments Commission has 14 ongoing court actions against 31 people.
A model put forward by the Super Members Council suggests young Australians are losing out on superannuation as they enter the workforce. According to the council's figures, more than 56,000 young workers in Western Australia alone are missing out on roughly $46 million in super this financial year. The shortfall is linked to an outdated rule. Workers under 18 are not guaranteed to receive super contributions unless they work 30 hours a week for a single employer.
Lost superannuation totalled $21.2 billion across almost 7.5 million accounts as at 30 June 2026, according to the Australian Taxation Office. About $14.7 billion was held by super funds, and $6.6 billion by the ATO. The combined figure rose from about $16.0 billion in 2023. Individuals can check for lost super through ATO online services accessed via myGov, and the money is not necessarily gone for good. Regularly reviewing super arrangements is advised, including any insurance or other benefits linked to existing accounts.
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Super Consumers Australia has welcomed the federal government's response to a Parliamentary Joint Committee inquiry into financial abuse. The group says stronger safeguards are needed across the superannuation system to stop victim-survivors losing their retirement savings.
Proposals to use superannuation for housing have revived a long-running dispute over Australia's retirement savings. One Nation and Liberal senator Andrew Bragg have backed the idea, while Treasurer Jim Chalmers says the Coalition and One Nation are targeting super. Compulsory superannuation was legislated in 1992 by the Keating Labor government, and the Liberal party initially opposed it. Earlier schemes allowing withdrawals for a first home deposit, including the First Home Super Saver Scheme, have been introduced and opposed by both major parties over time.
