A Perth nurse who lost more than $130,000 in the collapse of the First Guardian superannuation fund has criticised the federal government's newly announced reforms as "piecemeal", arguing they fail to address compensation for thousands of victims still waiting for redress. Deborah Heron, 61, described herself as one of the "lucky ones" after recovering some funds, but said many others caught up in the collapses of First Guardian and Shield in 2025 had received nothing at all. The case highlights growing pressure on the Albanese government to protect retirement savings following one of Australia's largest superannuation scandals.

Financial Services Minister Daniel Mulino unveiled the reform package last week, including a ban on cold-calling about superannuation products, greater powers for the corporate regulator ASIC to intervene against trustees, and new rules on financial advice within super funds. The collapses of First Guardian and Shield have been linked to more than $1.1 billion in investor losses, with the First Guardian Master Fund alone wiping out around $46 million belonging to roughly 6,000 Australians. Critics, including victim Melinda Kee, welcomed the changes but warned that compensation would be limited to actual capital losses and would exclude lost future earnings, leaving existing victims without a clear path to full redress.