One Nation MP Barnaby Joyce has accused the federal government of abandoning victims of Australia’s largest superannuation collapse, revealing that his former wife lost $400,000 in the failure.
Joyce said Natalie Abberfield was among more than 12,000 customers whose retirement savings disappeared after the First Guardian and Shield Master Funds collapsed in May 2024, leaving debts of about $1.2billion.
He said the $400,000 had been paid to Ms Abberfield as part of their divorce settlement. The couple were married for 24 years before separating in 2017.
Speaking on Tuesday’s episode of CHOICE’s new podcast, The Collapse, Joyce criticised the government’s response to thousands of investors. A compensation scheme established in the wake of the collapse remains stuck with a $170million funding shortfall.
“The government talks about super all the time … 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,” Joyce said.
“I’m really losing confidence that you (the government) know what you’re doing.”
The former deputy prime minister also argued that politicians had failed to grasp the circumstances of those caught up in the scandal.
“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.
Barnaby Joyce has criticised the government over its response to more than 12,000 victims of the $1.2billion First Guardian and Shield Master Funds collapse
Joyce said his former wife, Natalie Abberfield, lost $400,000 in retirement savings paid to her under their divorce settlement
“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 earlier this year called for action after the collapse left her with “nothing”.
“I didn’t really want to be working when I’m 80, but at the moment, I don’t have anything,” the mother-of-four told A Current Affair.
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“I went through a licensed, regulated super (fund) and now I have nothing… something needs to be done.”
The comments followed the release of ASIC documents in which liquidators alleged that First Guardian director David Anderson and others diverted millions of dollars to finance lavish lifestyles.
CHOICE reporter Jarni Blakkarly, who presents the podcast, said ASIC had launched 14 ongoing court actions involving 31 people, but victims had yet to see any “real accountability”.
In August, the Albanese government announced reforms designed to improve consumer protections across the financial sector.
“The collapses of the Shield and First Guardian Master Funds exposed profound risks and vulnerabilities in parts of the financial system,” the government said.
More than 12,000 people lost their life savings after the super funds collapsed in May 2024. First Guardian director David Anderson is pictured above
Natalie Abberfield took part in bodybuilding competitions after separating from Barnaby Joyce
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Should the government fully compensate superannuation victims or pursue tougher action against fund managers?
‘Broader losses within the Self‑Managed Superannuation System, which have placed significant strain on the CSLR, have also highlighted the poor member outcomes which arise from insufficient consumer protection.
‘These losses reveal how consumer harm can emerge across the system, where poor conduct at one point in the chain can be amplified as consumers move between lead generators, advisers, trustees, investment products and compensation arrangements.’
– READ MORE: Thousands of Aussies caught in Shield and First Guardian collapse dealt fresh blow after financial firm sold
– READ MORE: Perth nurse who lost $130,000 in super collapse lashes out at Labor’s reforms