POWERED BY MOMENTUM MEDIA
Questions reveal money directed to Industry Super Australia
Industry superannuation funds have been directing hundreds of thousands of dollars towards Industry Super Australia (ISA) each year with answers provided to a key Parliamentary Committee likely to provide fuel for ministerial questioning under the upcoming Your Future, Your Super legislation.
The questions have been posed by House of Representatives Standing Committee on Economics chairman, Tim Wilson and have so far elicited responses which show that some superannuation funds have directed over three-quarters of a million a year to ISA.
However, those funds have not detailed what the money was for, in circumstances where ISA has frequently acted as the coordinator and booking agent for industry superannuation fund campaigns such as “compare the pair” and “fox in the hen-house” on behalf of the 15 funds who are members.
Some of those ISA member funds denied in answers to Wilson that they had directed any money to ISA over the five-year period he specified.
The answers have come as the Senate Economics Legislation Committee continues its review of the Your Future, Your Super particularly submissions around the ability of the Minister of the day to veto superannuation fund investments which are deemed to be inappropriate.
Submissions to the Senate Committee have expressed concern about how the prohibition on certain payments and investments will impact political advertising, noting that the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had not recommended such an approach.
The answers to the written questions on notice posed by Wilson reveal that education industry fund, 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.
Both NGS Super and TWU Super are currently in merger moves with other industry funds.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
Same old, same old very easy to spend other peoples money. Sheer waste with advertising spend not reflecting sufficient increase in memberships to justify. Added to that the corporate boxes and sports and other sponsorships, complete abuse and waste of members fees. When will there be parliamentary or commission enquires on this blatant abuse of members money?