The super funds are afraid to debate the real issues in super because the system needs structural reform.
Super funds don’t want to discuss pension reliance, budget costs or national savings.
Instead they engage in name calling and threats. They will do anything to protect the $32 billion annual fee take which is more than Australians spend on power bills.
Name calling and bullying is the in the DNA of an industry which only exists because of government mandate.
No other industry opens the door and $100 billion of workers’ savings falls in every year. Their privilege and entitlement is showing.
Perhaps the most troubling development is the willingness of the super funds to spend workers’ money on boondoggles, advertising and political donations.
New data shows that the largest super funds have spent more than $500m on advertising (House Economics Committee).
The lobby group Industry Super Australia has itself spent $40m on advertising (Neilson). ISA have Mr Greg Combet fronting these political adverts.
The super regulator APRA has not been willing to enforce the “sole purpose test” to protect workers’ savings.
APRA should do so or face law reform.
View speech here (https://www.andrewbragg.com/post/asfa-speech)
MEDIA | John Mangos | 0401 392 624