The Industry Super Network (ISN) has changed its name to Industry Super Australia (ISA), with chief executive David Whiteley saying the change reflected the growing role of industry superannuation in the nation’s economy.
The announcement comes after ISA formed a strategic partnership with the Financial Services Council, with the two associations to work together on the critical issues for superannuation in Australia.
“We’ve been successful advocates for making the system fairer - including the reforms to financial advice and the banning of commissions,” Whiteley said.
“And most importantly, our outperformance has meant better average returns to our members,” he added. “We’ve achieved this with a governance model that sees an equal representation of employers and employees who work together and act only in members’ interests.”
ISA represents five million members across the industry super fund sector who work for 600,000 Australian employers.
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.