New South Wales Senator Andrew Bragg has accused the union movement and big business of abusing laws which allow workers to choose their own super fund.
He said Australia’s laws are supposed to guarantee workers get to choose their own fund but “enterprise agreements” are robbing Australians of these liberties.
“In 2019 there is still around 30 per cent of the working population that cannot select their own super fund due to their respective enterprise agreement or workplace determination,” he said.
“How can anyone possibly resist allowing workers to choose where their super goes?”
“The Morrison government wants the super system to work for workers – not vested interests.”
Senator Bragg was speaking at the Future of Wealth Management Conference in Melbourne.
He told the conference more than 5 million member accounts are in funds that exhibit serial underperformance.
Senator Bragg said this has a significant impact on members and ultimately their quality of life in retirement.
“In 2019, no serious person can advance an argument against people being allowed to choose their own super fund.”
He said blatant over reach by the unions and big business is stifling market competition at the expense of hardworking middle Australia.
Senator Bragg said the direction the Morrison government is heading in on financial services competition is clear.
“Only a few weeks ago our government passed legislation on open banking.”
“From next year consumers will have a new data right which will allow institutions to access consumer data to foster competition between banks,” he said.
Media: John Mangos | 0401 392 624