A person should have only one default account. To that end, machinery should be developed for ‘stapling’ a person to a single default account.
The Government agrees that a person should have only one default account.
This also responds to the Productivity Commission’s report Superannuation: Assessing Efficiency and Competitiveness which recommended members without an account only be defaulted once. This builds on the action the Government has taken to address the stock of unintended multiple accounts through the Protecting Your Super Package, which includes the automatic consolidation of low‑balance inactive accounts, capping fees for low‑balance accounts and preventing inappropriate account erosion by ensuring members receive insurance policies that are suitable for them and represent value for money.