Sep 12, 2017

The Liberal war on industry super fought on ever more obscure fronts

The Liberal party is continuing its efforts to demonise the industry super sector despite the role of employer groups, and its successful performance.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

At a time of bitter division over Australia’s economic direction, when business is being assailed by deep-seated community anger about how it conducts itself, you’d think the government would be eager to showcase the capacity of the business sector and workers’ representatives to work together very effectively for the good of both — and the good of the country.

Employer groups run the industry superannuation sector, along with unions, and it’s a hugely successful model that contributes more than a third of Australia’s vast $2 trillion-plus savings pool and earns strong returns for low fees. It’s a credit to both corporations and unions that they’re able to oversee such a successful sector.

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8 thoughts on “The Liberal war on industry super fought on ever more obscure fronts

  1. Chris Kent

    “Always ALWAYS worse” ?

    I used to believe firmly that low fees was the end game until I started researching changing my super fund, annoyed that my employer didn’t have an ethical fund. Long story short, lots of research later, Australian Ethical Super had some of the highest performance returns … it’s hard to compare over time as the market has strong and weak periods, but here’s the summary — https://www.australianethical.com.au/super/performance-and-returns/

    Bottom line is I’m aiming for 10%-15% annual compound growth, but averaged over a decade as the market fluctuates. What leaves me annoyed though is that I need to get up at $200,000 or $250,000 to consider SMSFs Self Managed Super Funds where the there are several funds I can get in the range 15%-20% and a handful at 20%-25%.

    1. Dog's Breakfast

      Chris, I think most of the bigger industry funds offer an ethical fund. I know of a few that do and they are big and cover a huge number of workers. Perhaps just looking around would have done the trick.

  2. Dog's Breakfast

    “Financial Services Minister Kelly O’Dwyer has been peddling a line that industry super funds are somehow channelling money into a vast trade union war chest,”

    So, Ms Kelly, have them charged. There are pretty strict rules around what superannuation bodies can invest in, and channelling money into unions isn’t one of them, and would I am almost certain be an offence. Set the AFP on them if you have evidence.

  3. klewso

    How much is retail super pouring into this, their Limited News Party Puppet Show Revue, to get the keys to this nest egg hen-house?
    Meanwhile they have this ‘Nudge Nudge Wink Wink Punch and Judy Show’ with the banks a couple of times a year – to avoid a royal commission.
    Talk about proctologists – going through the motions.

  4. CML

    Hands off our (industry) super…you stupid woman!
    There should be a law against politicians making ‘fake news’ statements, and misleading the public. Where is O’Dwyer’s evidence that the union movement rips off the super earnings of its members?
    Labor party…PLEASE ask her this question in parliament, since it appears all media (Crikey excepted) are too damn lazy/idealogically challenged to do so!

    1. Bill Hilliger

      Some unkind people are opening that Kelly O’Dwyer is probably being paid by the banks / retail funds to push the line that she does. The question: is she on the take?

      1. Bill Hilliger

        Opening = opining

  5. AR

    Damned figures, making government ministers/spokesbots out to be mendacious morons.
    They ortabe banned.

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