In Ancient Greece, the early democratic politicians who led Athens were sometimes accused of “hubris” – heightened self-confidence that could lead to complacency and even a sense of invincibility, being able to challenge the gods. 

As Australian superannuation surges to $3.5 trillion and funds transform into serious players on the global stage, some of their leaders may be falling victim to this age-old phenomenon. 

It should go without saying that superannuation has been a national achievement of which we all should be proud, especially the political and union movement leaders who helped establish it, ensuring regular workers received some of the benefits flowing from participation in financial markets.  

Conexus Financial wholeheartedly supports the compulsory superannuation framework, which continues to face challenges from ideologically motivated critics, who would prefer investing remained an exclusive pastime of the privileged.  

But that doesn’t mean it doesn’t have deficiencies, or that it isn’t starting to become a victim of its own success. The Albanese government, which could hardly be considered hostile to the super industry, has made clear it wants super funds to improve on key public-facing metrics such as customer service and helping their members prepare for retirement. 

Conexus Financial’s own research, conducted in partnership with research house CoreData, backs up the government’s rhetoric. In early 2023, we polled 6,900 members over the age of 45 and found lacklustre levels of satisfaction. Retail funds achieved an overall index score of just 57.1 out of 100, while industry funds achieved a score of 52.1 – a near fail.