industry super funds
Industry Super Australia chair and alleged company despoiler Greg Combet. (Image: AAP/JonoSearle)

The Australian industrial superannuation system is one of the great models of industrial relations cooperation in the world. In 38 industry super funds, every day, union-nominated and employer-nominated directors put their day jobs aside and meet to oversee the business of making money for their members. In doing so, they’ve managed to significantly out-perform the market-based super fund model run by the big banks -- while investing in asset classes like major infrastructure projects that politicians want supported but that the retail funds won’t touch.

As Crikey has detailed over and over and over, instead of being celebrated, this success has been pilloried as a colossal example of union corruption. As far as we can work out, Crikey is the only outlet other than industry fund-owned New Daily that even mentions industry super funds are actually jointly run by employers and unions. It's as if the rest of the media have a weird filter that edits out employer groups from the story of industry super.