Turnbull’s attack on Industry Superannuation

08-Dec-2017


The Turnbull Government is one of the most anti-worker Governments in living memory.

The most recent evidence of this is the plan to give more power to the big banks. The Turnbull Government is pursuing three bills to give the big banks more power over superannuation, to take unions off superannuation boards, and remove workers’ rights to bargain for the fund they want.

The bills were listed for debate in the Senate this week however the Government deferred debate until the new year.

The Government deferred consideration of the bills because they did not have support of the majority of the crossbench.

Parliament is next scheduled to sit again on the 5th of February 2018.

While we welcome the Government deferring the bills, we still have more work with the crossbench to convince them to oppose the bills should they be put again.

Industry super is hugely successful. Industry super isn’t broken and doesn’t need fixing. It’s the big banks that are broken - that’s why we needed a royal commission.

The proposed changes to industry superannuation has been described by one of Australia's leading authorities on superannuation as bizarre. Wilson Sy has accused bank-run superannuation funds of "looting" workers' retirement savings for profit, and criticised the Federal Government's targeting of the not-for-profit industry super sector.

He said it was ridiculous the Government is trying to force changes on the "world's best practice" industry super fund model which has persistently and consistently delivered significantly higher returns for members than the retail funds run for profit by banks and big financial conglomerates. The industry funds have averaged 2% to 3% better than retail funds over a period of 20 years.

Australia’s big four banks have a shocking record of bad advice, bad investments, customer rip-offs and facilitating money laundering. We don’t stop until we get the big banks out of our super funds.

"Retail funds are there to make profits for shareholders. Basically, they treat their members as consumers to which they sell some sort of financial product.

The campaign to stop the attack on Industry Superannuation will continue into 2018. We ask members to Tell the Crossbench to keep the banks out of super