The 2024/25 Federal Budget has been announced this week. GNGB stands in support of these proposed changes and is elated to receive news of additional funding! Over the course of the next four years, starting from 2024/25, 2.7 million ($0.7 million per year) will be provided to support the Superannuation Transaction Network.
As we begin to rollout initiatives supported by this funding, we will continue to update our network. We aim to:
- Work with Gateway Operators to expand the program of resilience testing within the STN
- Build on superannuation ecosystem collaboration and cooperation
- Modernisation of GNGB risk management processes
- Establishment of a dedicated cyber security capability within GNGB
- Collaborate with Gateway Operators on transparency initiatives to support industry assurance of the STN.
Other proposed funding for superannuation and cyber security
Within the realms of superannuation and cyber security the most prevalent proposed changes outlined in the 2024/25 Federal Budget were centred around:
- Reducing the gender pay gap by ensuring that superannuation is paid on the Commonwealth Government Funded Paid Parental Leave (PPL) for births and adoptions on or after 1 July 2025, based on the SG rate (12 per cent)
- To combat fraud and scams, the introduction of mandatory industry codes will be established under a Scams Code Framework. The Government will provide $67.5 million over four years from 2024/25 (and $8.6 million per year ongoing)
- For e-invoicing and its operational maintenance and security, the Australian Tax Office will receive $23.3 million over four years from 2024/25 to continue to oversee and operate this network.
Additionally, $25.3 million over four years from 2024/25 will be allocated to the Payment Times Reporting Regulator to implement reforms recommended by the statutory review of the Payment Times Reporting Act 2020 - To improve cyber security and data capabilities for regulators and registers, the Government will provide $206.4 million over four years from 2024/25 (and $7.2 million per year ongoing) to the Australian Prudential Regulation Authority (APRA) and ASIC
- Reintroduction of the Fair Entitlements Guarantee Recovery Program from 1 July 2024 to ensure that unpaid superannuation entitlements owed by employers in liquidation or bankruptcy is enforced.
If you’d like to read in more detail about the 2024/25 federal budget, click here.
