A focus on Reconciliation

20 September 2024

All Australians have the right to live well in retirement. We recognise the current superannuation system has some way to go to achieve this and barriers exist for many Aboriginal and Torres Strait Islander peoples. 

As Australia’s largest super fund, we have a key role to play in supporting all Australians to achieve their best financial position in retirement. This includes advocating for changes to the current system to make it fairer for everyone.

We’re committed to addressing barriers to financial inclusion and creating opportunities for First Nations members to better understand and access their super.

Our aim is to help members from all backgrounds understand how to:

• Manage their super
• Choose the right fund and investment option for their circumstances
• Achieve their best financial position in retirement.
  
  

First Nations people and super

On average, First Nations people have lower super balances when they retire than the general population. The number of Aboriginal and Torres Strait Islander people with super is about 68% for men and 71% for women. That’s compared with rates of 87% for men and 86% for women for the population more generally¹.

Estimated average balances are also lower compared to the Australian population as a whole. Aboriginal and Torres Strait Islander men (who had not yet retired) had a mean balance of $84,524 in 2022. The figure for non-Aboriginal and Torres Strait Islander men was $178,416. For women, the respective figures are $59,839 and $119,342¹.

3 areas where AustralianSuper is making a difference

The RAP focuses on strengthening relationships and improving our understanding of First Nationspeoples, cultures and communities and the issues they may face. Our actions to improve services and help these communities include:

1. Creating dedicated Aboriginal and Torres Strait Islander phone support

AustralianSuper was the first superannuation fund in Australia to provide a dedicated option for Aboriginal and Torres Strait Islander people in its Interactive Voice Response system. The option to identify as an Aboriginal and Torres Strait Islander person is available to members when calling into the contact centre. The caller can then speak to a specialist team with cultural training. This team is better equipped to understand and help with the challenges faced by Aboriginal and Torres Strait Islander people.

First Nations interpreting service

Members or their representatives can ask for a booking with an interpreter in a First Nations Languages. To book an interpreter, members can call 1300 300 273 and select option 2 as a current member, and then select option 2 to speak to our specialist team.

How it works

• The member lodges a request for an interpreter and confirms details.
• When a suitable interpreter is sourced our team will confirm the booking via phone, including appointment time and language. If no suitable interpreter can be found, we will let members know.
• A joint party phone call will be made at the agreed time.

2. Establishing Career Trackers – paid internships

Our Career Trackers program provides paid internships at the Fund to Aboriginal and Torres Strait Islander students. The students spend a few months working in teams aligned to their studies, and have the opportunity to return the following year to continue their placement.

This helps them to build experience in areas they’re passionate about.

3. Supporting the First Nations Foundation community outreach

AustralianSuper’s ambition is for all Australians to live well in retirement. To achieve this, and our core purpose to help members to achieve their best financial position in retirement, we must recognise that some Aboriginal and Torres Strait Islander members may have unique needs that require us to serve them in different ways.

AustralianSuper’s Aboriginal and Torres Strait Islander remote² outreach program helps Aboriginal and Torres Strait Islander members living in outreach areas to engage with their super account, supporting the Fund to deliver on its purpose and achieve its aim.

By travelling to remote areas, the Fund is able to provide administration services, assistance and education to members and people who, due to cultural, technological and system barriers are unable to successfully engage with their super with AustralianSuper.

Learning from our time with these communities, we’ve introduced a number of initiatives to assist Aboriginal and Torres Strait Islander members in their unique challenges in engaging with their super.

They include

• the creation of an Interactive Voice Response (IVR) system for Aboriginal and Torres Strait Islander members
• a member identification form.

Building awareness amongst colleagues

AustralianSuper employs over 1,500 people. As part of its Innovate RAP, the Fund launched a First Nations Cultural Learning Framework to better understand First Nations cultures, history and the challenges faced.

Each year, we promote Reconciliation Week, NAIDOC Week, and several activities to help colleagues build and strengthen their understanding of First Nations history and cultures.

Free financial literacy courses on super and retirement planning

Our education team offers a range of free online webinars for all members and non-members. Several of these are available on demand to watch at any time. The sessions are a great way to improve knowledge of super or retirement planning and build confidence.

We’ve also partnered with Central Australian Aboriginal Media Association (CAAMA), Australia’s largest Aboriginal media organisation to produce a 6-part radio series called Australian Super Made Easy. The series explores the essentials of superannuation and insurance as they relate to Aboriginal and Torres Strait Islander peoples.

Super can be a large asset, and an important one to understand throughout your life.

Committed to helping address the issues

AustralianSuper’s Innovate Reconciliation Action Plan (RAP) is a step in the journey towards helping all Australians live well in retirement.

Our RAP outlines Fund initiatives to support Aboriginal and Torres Strait Islander members. It also aims to build relationships with Aboriginal and Torres Strait Islander businesses and community service providers.