Barnaby Joyce Slams Government Over Superannuation Collapse Impacting Ex-Wife

One Nation MP Barnaby Joyce has accused the Australian government of failing to adequately support victims of a major superannuation collapse, revealing that his ex-wife, Natalie Abberfield, lost $400,000 from the scandal. The funds were part of their divorce settlement, finalized after their 24-year marriage ended in 2017.

Joyce spoke on a consumer group's podcast, "The Collapse," to voice his criticism of the government's handling of the First Guardian and Shield Master Funds' collapse in May 2024. This event impacted over 12,000 customers, with total losses estimated at $1.2 billion.

He expressed disappointment that a government-established compensation scheme remains mired in a $170 million funding shortfall. "The government talks about super all the time," Joyce stated. "If what you say is true and authentic, then surely you would go to these mums and dads, pay them out their super so that they can retire … and then go in hot pursuit of the criminals." He added, "I'm really losing confidence that you (the government) know what you're doing."

Joyce argued that parliamentarians do not fully grasp the scope of the individuals affected. "We have nurses, teachers – these were not people taking extraordinary risks – they were taking what they thought was a diligent and prudent investment," he said, lamenting the lack of empathy for those who are now facing financial hardship. "They seem to lack the humanity to understand that these people now have no money, they will be waiting tables, a retired teacher. What else they're going to do?"

Ms. Abberfield previously shared her distress, stating she was left with "nothing" and expressed concern about having to work into her eighties. "I went through a licensed, regulated super (fund) and now I have nothing... something needs to be done," she told A Current Affair.

Recent ASIC documents indicate that liquidators have alleged First Guardian director David Anderson and others misappropriated millions of dollars for personal expenses. The host of "The Collapse" podcast, CHOICE reporter Jarni Blakkarly, noted that despite 14 ongoing court actions against 31 individuals by ASIC, "there hasn't been any 'real accountability.'"

In response to such events, the Albanese government announced reforms in August aimed at strengthening consumer protections. A government statement acknowledged that the collapses exposed "profound risks and vulnerabilities in parts of the financial system," and noted how harm can be amplified as consumers move through different financial service providers. These losses have also placed significant strain on the Compensation Scheme of Last Resort (CSLR).