Allowing First Nations’ People early access to superannuation funds due to their lower life-expectancy has had mixed responses at the Banking Royal Commission.
The Prime Minister’s Department says super funds should be more “culturally aware” of Indigenous People’s needs, but that lowering the age of eligibility would go against the principles of the universal system.
The Australian Securities and Investment Commission says a lower preservation age would see First Nations’ People receive a lower balance overall, but that there is a valid argument for the change.