19 August 2026
Attributable to HESTA CEO Debby Blakey:
"We welcome the Government's announcements today to strengthen protections for Australians following the devastating impacts of the Shield and First Guardian collapses. Strong safeguards give members confidence their super is working for them, and HESTA supports restrictions on harmful lead generation and marketing practices. This includes a necessary crackdown on predatory cold-calling tactics that have driven some Australians into high-risk, unregulated financial products.
“We believe a system that engages members early, through their own trusted fund, is central to preventing harm before it occurs. That’s why we’re also pleased to see a commitment to progress reforms that will support more Australians getting simple, safe and cost-effective financial advice. We look forward to engaging with Government on this critical work.
“Our members are people who spend most of their lives caring for others and we know that the point at which they most need guidance is the transition to retirement. We continue to advocate for a simpler and more modern super system, which includes allowing funds to transition members to retirement products suited to their circumstances.”
Ends.