Treasurer touts digital advice for super industry

Treasurer Jim Chalmers has touted the role of digital technologies in helping people get good superannuation advice.

In a speech hosted by Conexus Financial, Chalmers pointed out that with 3.6 million Australians heading for retirement in the next 10 years, “it is vital that they have quality and affordable advice … a growing number of Australians will need information and strategies to plan for the retirement they deserve.

“That’s where digital could help," he told the event.

Digital technology, Chalmers said, could offer “new ways to provide high-quality, cost-effective advice at a larger scale”.

Chalmers said the digital sector is already worth as much as eight percent of GDP, and that’s stronger in the superannuation and financial services sector.

“We’re determined to help ensure that members have access to the advice they need, by combining a steady pipeline of good advisers with opportunities to maximise the potential of digital," he said.

Chalmers noted that the government would need the right consumer protections in place, as well as the cyber security frameworks being worked on under minister for cyber security Clare O’Neil.

The government today also launched a consultation into how it could legislate a formal "objective" for the superannuation sector to work towards.