The government's Your Future, Your Super bill, designed to clamp down on industry super funds and establish greater government control over them, will "do more harm than good", "leave more people in poor-performing funds for longer", "create new compliance burdens that would add new costs and risks, and would divert management and board attention", and represent "arbitrary powers granted to the treasurer of the day... [that] would set a dangerous precedent and would add a new and unpredictable source of sovereign risk to the investment process".
Who says? Labor? Industry super funds? Trade unions? Actually, it's Innes Willox of the major employer organisation Australian Industry Group. The bill is "disproportionate, ineffective and intrusive", Willox says, and wouldn't have survived a proper regulatory impact statement process if the government had bothered doing one.