Groundhog Day on Labor's Super

Labor is having a second crack at watering down pro-consumer super laws.

We know that this week, Labor President and Cbus Chair Wayne Swan, told a conference that he wants another review of the Your Super, Your Future performance test.

Mr Swan has been successful. On the need for a second review, the Treasurer Jim Chalmers said;

“ We need to make sure that that is designed in a way that it’s intended to.”

This review will be a trojan horse to water down the Best Financial Interests Duty (BFID). As recently as May, Treasury confirmed to me during Senate Estimates that there was no need to tweak the performance test or BFID.

When I asked Treasury about their first review into the BFID, they explicitly stated:

“ Ultimately the decision was made that every dollar spent has an impact on members fees, so no change to the best financial interest duty.”

Labor’s initial attempts to distort pro-consumer laws was stopped by the Senate which will resist any attempt to gut consumer protection laws.

Labor should be looking at how super funds can promote home ownership, instead of feathering the nests of Mr Swan and the other Labor officials that control ‘Big Super.’

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