POWERED BY MOMENTUM MEDIA
Govt has caved-into banks says ISA
The Federal Government has either caved-into bank lobbying or is guilty of pursuing an ideological agenda on superannuation funds governance, according to Industry Super Australia (ISA).
At the same time as the Senate Economics Legislation Committee holds public hearings to consider the Government’s legislative changes, the ISA’s public affairs director, Matt Linden ridiculed suggestions by the Minister for Revenue and Financial Services, Kelly O’Dwyer that superannuation funds should live up to the same standards as banks.
“If it wasn’t so serious for the retirement savings of working Australians, the minister’s vow to make industry funds more like the banks would be funny,” he said.
“In the past two years, those financial institutions and related parties have paid around $480 million in refunds and compensation to customers as a result of admitted alleged misconduct,” Linden said. “The Government should be throwing the book at the banks – instead they’re changing the super rules for their benefit.”
Pointing to the fact that industry super funds had on average consistently outperformed bank-owned retail funds on member returns, he said the industry fund model stood testament to its governance model.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
