The superannuation regulator APRA has told Senate Estimates they would put an end to wasteful, political advertising by super funds.
APRA said so in response to my question on advertising by the lobby group Industry Super Australia.
ISA commercials aired during the AFL Grand Final last weekend and have featured former Labor Minister, Greg Combet.
APRA said: “the sort of campaign you’re referring to is the sort of arrangement that we think does need higher scrutiny.”
Neilson data shows that ISA has spent $40m over the past 12 months promoting itself - making political statements.
These adverts do not promote a product or a fund, they promote a lobby group and a former Labor politician.
“We have actually started some work at the moment to look into some of the material sponsorship and advertising arrangements we’re aware of in the industry,” APRA said.
Superannuation is an outsourced pension system - wasting the money of workers is an outrage and should be stopped.
APRA also committed to investigating the boondoggle New Daily newspaper which is a loss making propaganda outfit funded by workers' super.
APRA must stop funds financing an unprofitable ‘newspaper’ which is clearly a smokescreen for marketing and propaganda.
I urge APRA to follow through on their commitment to stop the waste.
The vain adverts should not appear during the 2021 footy season - that will be an important test.
MEDIA | John Mangos | 0401 392 624