Today’s announcement from the Minister for Financial Services, Stephen Jones, proves he is really just the minister for industry super. Mr Jones, in his first act as Minister, has adopted the policy of the industry super funds in full.
The $3 trillion superannuation sector is Australia’s most privileged industry. It charges $30bn a year in fees.
Significant reforms were achieved under the Coalition to put members first. Undoing our hard work this early in the term, shows not only how partisan this Government is, but also confirms they are simply puppets for the unions and super funds.
The commitment to gut Your Future Your Super will cost workers billions of dollars.
Australians stand to be the biggest losers from the super system, in exchange for the vague promise that it will benefit them in retirement. Sluggish returns aren’t good enough.
Mr Jones is protecting underperforming super funds and signalling that he will gut the best financial interest duty. The planned review gives a green light to super funds to send wads of cash to their benefactors at the unions and banks.
The Labor government has no plan and no policy to improve member outcomes. The only policies they have for super have been written by the vested interests at the super funds and unions HQ.
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