CYBER ATTACKS HIT AUSTRALIAN SUPER FUNDS

Miko Santos

Apr 05, 2025

Transcript

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A week of fast-paced events around Australia and the world calls for our attention to several important issues. From cyberattacks aimed at your retirement savings to political wrangle over national assets and a growing global trade battle, here's what you need to know and how these events can affect your daily life.

😒 Super Funds Under Attack: Essential Knowledge

Currently under coordinated cyber attack, Australian superannuation funds have already suffered major financial losses. With three.5 million members, AustralianSuper, the biggest retirement fund in the country, has apparently seen 600 attempted cyber intrusions in the past month alone, resulting in four people losing a total $500,000 in retirement funds.

Given thousands of Australians claiming difficulty accessing their accounts online or via mobile apps, the situation has generated general worry. When many members do log in, they find shockingly low $0 amounts.

Assuring members that "even though you may not be able to see your account, or you are seeing a $0 balance, your account is safe," AustralianSuper says. Their explanation for the problems was "a high volume of traffic to our call centre, member online accounts and mobile app."

Attempted attacks have affected additional funds including Rest, Hostplus, Insignia, and Australian Retirement according to the Association of Superannuation Funds of Australia (ASFA).

Ways to Guard Yourself

Experts in cybersecurity advise these quick actions:

If at all feasible, **check your balance, but be careful not to click links in emails.
2. **Change your password** right away; never use passwords on several accounts.
3. **Enabled two-factor authentication** should your fund provide it.
4. **Be vigilant** about phishing attacks meant to take advantage of the circumstances.
5. **Report any odd activity** by contacting your fund straight through official means.

Port of Darwin: National Security Takes Front Stage

Following its contentious lease to Chinese corporation Landbridge in 2015, both main parties are now dedicated in a major political development to returning the Port of Darwin to Australian ownership.

Claiming the administration has been in talks regarding port security, Prime Minister Albanese also promises to solve the problem. The Opposition argues, however, that despite intelligence suggesting worsening security conditions, the administration has been reluctant to respond.

Global Trade War Escalates: China Strikes Back with 34% Tariff

China has declared in breaking world news a broad 34% tariff on all US goods, further intensifying the trade conflict started by recent tariff declarations by President Trump. As two economic titans participate in what many are labelling as "the most significant trade conflict of the decade," this retaliatory action shakes world markets.

The action follows directly from Trump's tariffs, which have perplexed analysts with their apparently random computations. Norfolk Island has a small economic impact on US trade, however in one of the strangest circumstances it pays a 29% duty.

As global supply networks adapt to these new economic hurdles, Australian businesses and consumers should get ready for possible market disturbances. The government has declared it will improve Australia's anti-dumping system to guard home businesses against any global market flood with surplus goods.

📚 Government Notes Small Business Support and Education

Prime Minister Albanese emphasised his government's $14.6 billion school investment package while campaigning in Western Sydney:

"We made great effort to ensure that Queensland, the last state under Premier David Christofulli, registered on Monday before our election call-off. Whether they attend public or private schools, we wanted to make sure every student, wherever they resided, in every state and territory, got better and fairer funding."

Economically, Albanese cited his government's record: "We got inflation down to 2.4%, whilst unemployment's still low at 4.1%, whilst we have provided cost of living relief in a way that has continued to get that inflation down."

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