Fairfax Media has today reported that the Queensland Liberal/National Party Government has appointed the wife of Shadow Treasurer, Joe Hockey to the board of the superannuation fund covering Queensland public servants - Qsuper.
Hockey’s wife, a former Deutsche Bank executive which the report described as a “self-made millionaire”, will receive a $45,000 fee for filling the trustee director position.
The report said Queensland Treasurer Tim Nicholls had gazetted Ms Babbage’s appointment in mid-June but had not publicly announced the move.
Babbage is a non-executive director of Swiss Re Life and Health Australia Ltd.
As the Australian financial landscape faces increasing scrutiny from regulators, superannuation fund leaders are doubling down on their support for private markets, arguing these investments are not just necessary but critical for long-term financial stability.
Australian Retirement Trust (ART) is leaning on its private asset allocation to help shield members from ongoing market volatility, as its chief economist stresses the importance of long-term thinking and diversification.
AustralianSuper is poised to cement its leadership in the superannuation landscape over the next five years, with fresh research forecasting a sharp shift in the sector’s power dynamics.
The Reserve Bank of Australia (RBA) has warned that significant liquidity pressures could arise in the superannuation sector if multiple risks materialise at once, potentially amplifying shocks in the financial system.