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Reforms to Industry Superannuation

After all the rubbish during the election about "retiree taxes" and "death taxes", neither of which existed, we're now looking at "reforms" to industry superfunds. Why? Because of union influence in such funds.

Push to curb industry super power
https://www.afr.com/news/policy/tax/push-to-curb-industry-super-power-20...

"Retail superannuation funds are pushing the re-elected Morrison government to act quickly to reshape the $600 billion default superannuation system in line with recommendations by the Productivity Commission and the banking royal commission – changes that would erode the advantages enjoyed by union-influenced industry funds."

Yes, the banking royal commission. Prevented for years, finally introduced and despite recommendations for criminal charges for "fees for no service", not one banker has been charged. We remember what commissioner Kenneth Hayne thought of it.

https://www.theguardian.com/global/video/2019/feb/01/awkward-commissione...

So which are the best performing superfunds?

https://www.smh.com.au/money/super-and-retirement/super-funds-at-the-top...

Notice something about them? Nine of then ten are industry superfunds. The other is a public sector fund.

None are retail funds run for profit by banks and other financial services companies.

Commenting on this Blog entry will be automatically closed on July 24, 2019.

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