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Super New Financial Year

What Lies Ahead in 2023/24?
The simple answer is no one knows, but everyone can guess if they want to.  From an employer point of view, the change from one financial year to the next involves some soul (or is it sole) searching on the preceding year and some budget planning for the year ahead.  From an employee perspective, appraisal and salary reviews may transpire, and some indecisive discussion around performance objectives for the new financial year. In effect, you deal with the past and plan for the future.   If you are a quality employer and intend to improve performance significantly, you might consider introducing new reward and remuneration initiatives that benefit the workforce.  Considering that super forms a significant part of employee financial packages: 

 Is the financial services industry currently delivering value around super?
Our answer is, this is questionable.

 Is there an opportunity to transform super from a statutory expense into an optimised remuneration benefit?
Our answer is, yes. 

  • Get in touch. We are here to support you.

Super Flaws
Super receives lots of attention from the government and regulator, most of it involving negative commentary about breaches in regulation.  What is interesting is that none of the commentary from the government or regulator focuses specifically on how the public can optimise their super. For instance, the government introduced MySuper as a default strategy. MySuper is not an optimisation strategy.
Every MySuper option has design flaws, one being the de-risking of assets based solely on age, with zero consideration of market conditions.
Positive re-regulation of super must focus on the quality of service delivered to optimise the asset at an individual account level.
Can Employers Make a Difference?
Change and improvement must start somewhere.  Historically there are many examples where a need for action was obvious but never enacted because of lazy thinking across all responsible bodies. Politicians will have you believe that all good initiatives come from them. However, when mistakes emerge, someone else is to blame.  Employers fund super, whilst employees own it. The problem is most employees know little about optimally managing their super and end up in the MySuper default. Be it in the company super plan or own choice of fund.  Consequentially, employers have a significant role to play by providing employees with access to relevant information and resources to help them better manage super as a wealth creation strategy.  

 Most employers successfully manage employees into the workforce but are less focused on successfully managing employees into retirement.
Every employee must have an optimised super asset at the point of retirement to generate a projected income in retirement to fund their desired lifestyle after work has finished.

Super Transformation

 From an employer perspective, transforming super from a statutory expense into an optimised remuneration benefit needs a combination of specialist skills and legislative requirements, including:

  • An in-depth knowledge of super legislation and various products within the financial services industry.
  • An ability to provide strategic super advice recommendations to each employee.
  • Active investment management capability.
  • An automated system that monitors and provides individual strategic updates as dictated by changes in personal circumstances and market conditions. 
  • Holding an Australian Financial Services License.

The above list may be a challenge to develop in-house, with the logical conclusion being to outsource the initiative to a specialist organisation with appropriate skills and experience.  

Superior Super Management
AXIS can manage super in a manner that informs company management and employees and enables confidence in decision-making around transforming super into a superior remuneration benefit.  

The initial critical steps are:  

  • Understanding employers and employees have a part to play in any decision, as the employer funds super, but employees own it.
  • Realising that both employer and employees need a source of genuine information to ensure change and improvement go hand in hand.
  • Identify problems and execute appropriate solutions instead of working hard on change without obtaining the desired improvement. For example, you might change service providers but not remove the underperformance.
  • Determine definitive KPIs for performance monitoring. 
  • Confirm the mechanism for reporting consistent delivery of desired outcomes each year. 

 Managing these steps requires the establishment of a Consultation Team consisting of 2 managers and between 4 and 8 employees especially selected to cover all demographics. The Consultation Team initially meets to assess the existing super arrangement and to examine options offered by the financial services industry in considering what to do next The Consultation Team is to meet twice a year to review the performance of service providers in delivering superior value at a low cost. 

 Contact AXIS 

 For a further discussion about your current super arrangements and how to transform them into an optimised remuneration benefit, contact Richard Matsinger on 1800 111 299 or email consulting@axisfg.com.au 


This document was prepared and issued by AXIS Financial Group (ABN 21 092 889 579, AFSL 233680). The information contained within it is not advice. It provides general information only and does not take into account your individual objectives, financial situation or needs. You should assess whether the information is appropriate for you and consider talking with your financial adviser before making an investment decision. Information in this publication, which is taken from sources other than AXIS Financial Group, is believed to be accurate. However, subject to any contrary provision in any applicable law, neither AXIS Financial Group, nor its employees and directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it.


Mitsui & Co. (Australia) Ltd engaged AXIS Financial Group in reviewing the existing employer super arrangements and clarifying which product provider might be best for Mitsui & Co. (Australia) Ltd and it’s group of companies.

AXIS Financial Group provided a concise explanation as to who might be best and why, in particular ensuring that the internal project team had the information to feel confident as decisions were made. The project team moved from arguably being daunted by the prospect of improving this particular employer funded employee entitlement and better understood how to manage super as a remuneration benefit through the detailed analysis and explanation provided by AXIS Financial Group

Antony Auliso
General Manager - Human Resources Division
Mitsui & Co. (Australia) Ltd

I want to thank AXIS Financial Group for their efforts in handling insurance claims on behalf of the employees of WesTrac. From the moment AXIS Financial Group were appointed to the task, they moved so seamlessly into position and have made sure that WesTrac is not only better serviced as a result but also more informed about claims progress. I also note the outstanding results achieved by AXIS with respect to marketing and placement of our employer super policy.

It seems nothing is a problem for the AXIS team and I would commend all employers to consider this service.

Gary Carter
Group Insurance Manager
WesTrac Pty Ltd

AXIS Financial Group’s knowledge of employer super is second to none.

DXC tasked AXIS Financial Group with consolidating multiple superannuation funds to a
single company-wide default fund. They delivered, displaying superior knowledge of their
industry, along with the highest level of service and diligence.
From start to finish – the initial analysis of our previous funds, the detailed tender process,
the transition to our new fund, and post-transition – AXIS Financial Group always made
themselves available for support.
We strongly recommend speaking to AXIS Financial Group for all matters relating to
employer super.

Michael McGoldrick
Director, Compensation Asia Pacific
DXC Technology