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The employee can use this information and elect to have superannuation contributions made to their existing account or open a new default account.

Employees will also be able to use the information and elect to consolidate their other accounts online.

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Industry submissions to the Super System Review estimated that savings up to $1 billion annually are achievable from the Super Stream reforms.

It is estimated that the Australian superannuation system processes more than 100 million transactions per year, at a cost of over $3.5 billion.

Several aspects of the current system are inefficient.

The Super System Review recommended the development of standardised forms and common data standards to support electronic transactions for superannuation.

It also recommended that these standards should be compatible with the Standard Business Reporting (SBR) framework and provide for linked personal and financial data transmission.