Big super rejects government call to solve aged care funding crisis

The superannuation industry has warned the government it cannot use Australians’ retirement savings as a “fix-all for aged care funding”, saying its $3.5 trillion asset pool “can’t be the go-to solution” for broader economic problems.

Labor last week flagged aged care as the next “nation building” issue it wants the super sector to help fund, inviting industry players to the October meeting of its aged care taskforce.