Number of underperforming super funds reduced and fees cut under Coalition reforms, thinktank finds

Members of products that failed the round of the annual performance test are now paying fees around 20% lower than before the test was announced, the Grattan Institute says. Photograph: Constantine Johnny/Getty Images

The Coalition’s last round of superannuation reforms has already reduced the number of underperforming funds and cut their fees by an average of 20%.

That is the conclusion of a Grattan Institute submission to the Albanese government’s review of the Your Future Your Super reforms, which urges it to retain a strict test for underperformance and improve the process for selecting default funds.