Barnaby Joyce has revealed that his former wife lost $400,000 in the collapse of Australia’s First Guardian and Shield Master Funds, as he accused the government of failing to support more than 12,000 affected customers.
The One Nation MP said the money had been provided to Natalie Abberfield as part of their divorce settlement. The couple had been married for 24 years before separating in 2017.
The funds collapsed in May 2024 owing about $1.2 billion. Joyce made the disclosure during an episode of consumer group CHOICE’s podcast, The Collapse, while criticising a compensation scheme that remains short of $170 million in funding.
“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,” he said.
Joyce added: “I’m really losing confidence that you (the government) know what you’re doing.”
He said parliamentarians had failed to understand the circumstances of those affected, arguing that many had believed they were making sensible investments rather than taking unusual risks.
“We have nurses, teachers – these were not people taking extraordinary risks – they were taking what they thought was a diligent and prudent investment,” Joyce said.
Abberfield has previously said she was left with “nothing” after 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 said earlier this year.
“I went through a licensed, regulated super (fund) and now I have nothing… something needs to be done,” she added.
Liquidators have alleged in documents filed with Australia’s corporate regulator that First Guardian director David Anderson and others siphoned millions of dollars to fund luxury lifestyles. The allegations have not been proven.
CHOICE reporter Jarni Blakkarly, who hosts the podcast, said the regulator had 14 ongoing court actions against 31 individuals but that there had been no “real accountability”.
The Albanese government announced reforms in August aimed at strengthening consumer protections, saying the collapses had exposed “profound risks and vulnerabilities” in parts of the financial system.
It said losses elsewhere in Australia’s self-managed superannuation system had also placed significant strain on the compensation scheme and highlighted the poor outcomes that can arise when consumer protections are insufficient.
