The Institute fully supports Government’s steps to address the financial advice gap in Australia, where many consumers cannot access or afford full personal advice. Overall, and subject to a few qualifications around superannuation trustee certainty, advice through superannuation limitations and targeted superannuation prompts, the Institute believes these reforms represents positive developments which should increase access to and affordability of financial advice and guidance.

The Institute supports effectively regulated capital markets, both public and private, in Australia and globally. In relation to private markets, our main concern is that some retail investors may not fully understand what they are purchasing. To support informed retail investor participation, more transparency of fees, risks and performance will help consumers compare the different investments across private and public market options.

The Institute broadly supports the ‘payday super’ exposure draft legislation to require employers to pay their employees’ super at the same time as their salary and wages and to help ensure individuals receive the Superannuation Guarantee (SG) contributions to which they are entitled. Focusing on appropriate treatment of individuals with defined benefit (DB) interests, we recommend that the SG compliance test for accumulation members in DB arrangements be based on the employer contributions actually paid (or credited from reserves).

The Institute supports the Government’s decision to ban adverse genetic test results in life insurance underwriting. This will give the Australian community certainty and assurance on the way forward and support medical advances that can benefit society in many potentially profound ways. As genetics research is a rapidly advancing field, we recommend policy that can adapt to the advances in genetics so that life insurance balances accessibility of insurance and equity to the insured population as a whole.

This statement highlights key public policy positions of the Institute relating to climate change.

Reinsurance is a critical element of risk management for general insurance. The Institute welcomes the opportunity to provide feedback on reinsurance settings to assist in maintaining access for Australian insurers to global reinsurance arrangements and high-quality alternative protection markets.

Two page guidelines for members volunteering to help with the Hackathon

In its Pre-Budget submission for 2025\26, the Institute supports measures to: target cost of living relief; increase investment to capture opportunities and build resilience against climate change and technological shifts (including AI, cyber risk, and quantum computing); progress reforms in healthcare funding, the retirement income system, and disability and rehabilitation schemes; consider future tax reform to address inequality; and further invest in education to support a future STEM workforce.

In Superannuation Tax Reform: Sensible Changes for a Fairer System, actuaries Richard Dunn, Michael Rice, Jennifer Shaw and Alun Stevens set out their vision for meaningful tax reform that aims to make super simpler to invest, easier to spend and fairer with bequests.

The Institute is highly supportive of inclusion of ‘Climate change adaptation and resilience’ as one of the six headline ambitions for the taxonomy. We support its inclusion as a DNSH criteria, through consideration of a physical climate risk assessment using at least two relevant scenarios. We are concerned there is no clear timetable for when adaptation and resilience will be considered and believe delaying creates significant risks for insurance affordability, the required investment and action on adaptation and resilience, and the overall costs of the net zero transition.

Given the significant financial risk involved in home building, it is critical for societal resilience that Home Building Compensation schemes remain efficient and effective. We set out six key areas we encourage the Review to consider, including: an increased maximum cover to reflect contemporary building costs; reviewing the maximum cover for incomplete work; and protection for ‘no fault’ owners who find themselves uncovered.

Small-to-medium-sized businesses (SMEs) risk being left behind in the fight against costly cyberattacks unless they receive more help to bolster their defences. In Cyber Protection Gap Widens for SMEs, Win-Li Toh, Dr Michael Neary and Sarah Wood take a temperature check on cyber risk.

Responding to Treasury's review of AI and Australian Consumer Law, the Institute has drawn on recommendations made in prior extensive submissions to Government on AI including the need for regulation to be outcomes focused, prioritisation of existing regulation and guidance rather than new regulation and the creation of a centralised expert body to consider AI governance, regulation and guidance.

Small-to-medium-sized businesses (SMEs) risk being left behind in the fight against costly cyberattacks unless they receive more help to bolster their defences. In Cyber Protection Gap Widens for SMEs, Win-Li Toh, Dr Michael Neary and Sarah Wood take a temperature check on cyber risk.

Authored by former APRA deputy chair, insurance company chairman and actuary Ian Laughlin, Fairness in Insurance argues Boards sit in a powerful position to hold management to account on customer fairness at a time of record high complaints about insurance, parliamentary inquiries into the sector, adverse publicity about rising premiums and affordability pressures.

Authored by former APRA deputy chair, insurance company chairman and actuary Ian Laughlin, Fairness in Insurance argues Boards sit in a powerful position to hold management to account on customer fairness at a time of record high complaints about insurance, parliamentary inquiries into the sector, adverse publicity about rising premiums and affordability pressures.

The Institute supports the proposal to remove obstacles to winding up legacy retirement income products and to create a more flexible avenue for allocations from superannuation reserves. Introducing this flexibility would enable members with legacy products to rationalise their superannuation without compromising the integrity of the superannuation system.