Barnaby Joyce has accused the government of failing to support the victims of Australia’s biggest superannuation collapse after revealing his ex-wife lost $400,000 in the scandal.
The One Nation MP said his former wife, Natalie Abberfield, is among more than 12,000 customers whose funds were wiped out after the First Guardian and Shield Master Funds collapsed in May 2024, owing about $1.2billion.
Joyce said he’d given Ms Abberfield the $400,000 as part of their divorce settlement. The pair had been married for 24 years before they split in 2017.
Speaking on Tuesday in an episode of consumer group CHOICE’s new podcast, ‘The Collapse’, Joyce accused the government of failing to support thousands of victims after the compensation scheme it set up remains mired in a $170million funding black hole.
‘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.’
Joyce also said parliamentarians had failed to understand the types of people who’d been impacted by 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 accused the government of failing to support the thousands of victims impacted by the $1.2billion collapse of First Guardian and Shield Master Funds
He said his ex-wife Natalie Abberfield lost $400,000 in retirement savings which he’d given to her as part of 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?’
Earlier this year, Ms Abberfield said something needed to be done after she was left with ‘nothing’ following the collapse.
‘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.
‘I went through a licensed, regulated super (fund) and now I have nothing… something needs to be done.’
It comes after ASIC documents revealed that liquidators have alleged First Guardian director David Anderson and others siphoned millions of dollars to fund their luxury lifestyles.
CHOICE reporter Jarni Blakkarly, who hosts the podcast, said that while ASIC has 14 ongoing court actions against 31 individuals, there hasn’t been any ‘real accountability.’
In August, the Albanese government announced reforms to strengthen consumer protections.
‘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 when the super funds collapsed in May 2024. Above, one of the bosses of First Guardian, David Anderson
Natalie Abberfield competed in bodybuilding competitions following her divorce from Barnaby Joyce
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‘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
