The ABC The Business segment on superannuation fees underscores the recent Rainmaker report. During the last 10 years Australians have paid around $230-billion in fees to superannuation funds and over the next 10 years, those fees are set to double.
in 2016 Australians paid $31 billion in fees on $2.2 trillion of superannuation. That amount of fees is about the same as the cost to the government of superannuation tax concessions, and more than half the $45 billion spent on income support for the elderly.
Of that $31 billion in fees, the for-profit sector (which also includes self-managed super funds) ends up with $28 billion, or 91 per cent, Rainmaker found.
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