Seven years on from the Banking Royal Commission First Nations peoples are still finding themselves locked out of their superannuation accounts. As the world grows more reliant on digital and online services rigid regulations particularly in rural and remote areas mean some Indigenous Australians just never see their retirement savings.
00:00From an office in far north Queensland, Alex Price-Bush helps First Nations people access their super.
00:08But it's not always possible.
00:10For clients who don't necessarily fit the mould of how the current system is,
00:15some people just give up and go without essentially.
00:18Those failures are highlighted in a new report.
00:21Well at the moment there's no real proactive approach to helping people identify who they are with a super fund in order to access their money.
00:29Just 69% of First Nations people have superannuation, compared to 87% of other Australians.
00:36They have a median balance of $22,000, which is just over a third of what other Australians hold.
00:42The research found only a quarter of respondents had access to a myGov or email account, while just 59% used the internet.
00:50We had one client who could not provide his ID, had no internet, phone, no utility bills to be able to prove who he was,
01:02and yet the super fund was still insistent on him just going online.
01:07The super industry has acknowledged the sector is deeply aware that for too long it has not met the needs of First Nations Australians.
01:14It has taken important steps, but more must be done.
01:17Earlier this year the Government introduced new standards for superannuation funds, including the need for clear, respectful and accessible communication with members.
01:26A spokesperson for the Assistant Treasurer and Minister for Financial Services said,
01:30once the standards have been implemented, they'll consider whether further reforms are needed to improve the services for First Nations people.
