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How AustralianSuper directed nearly $19m to ISA
Australia’s largest industry superannuation fund, AustralianSuper, directed nearly $19 million to Industry Super Australia (ISA) over five years, according to answer provided to a key Parliamentary Committee.
The big industry fund revealed the information in answer to questions posed by the chair of the House of Representatives Standing Committee on Economics, Tim Wilson, who asked in writing for the fund to complete a table for the last five financial years “outlining your financial contribution to Industry Super Australia”.
Wilson did not ask AustralianSuper or other funds the purpose of their contributions, but Industry Super Australia has acted as the coordinator of some major industry fund television advertising campaigns including “Compare the Pair” and “Fox in the Henhouse” as well as initiating industry research and surveys.
The AustralianSuper answer revealed that the fund directed $3,533,953 in the 2015/16 financial year, $4,774,000 in the 2016/17 financial year, $5,454,000 in 2017/18, $5,187,000 in 2018/19 and $5,070,317.
By comparison, big hospitality industry fund, Hostplus revealed its contribution for only the 2020 financial year – being $3.6 million.
Industry Super Australia is owned by 15 industry superannuation funds with Money Management reporting last week that NGS Super paid ISA $619,050 in 2019/20, after having paid the industry funds body $633,328.84 the previous financial year and $626,526.64 in 2017/18.
It also reveals how comparatively small fund, LegalSuper, directed $122,743 to ISA in 2019/20, after directing $132,697 the previous year and $124,664 in 2017/18.
This compares with TWU Super which directed $518,823 in 2019/20, $530,790 in 2018/19 and $773,677 in 2017/18.
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is that members profits directed to a company advertising for new members. Doesnt seem to meet the sole purpose test does it?
Maybe look who is employed at ISA and if its cash for mates. dont know.