POWERED BY MOMENTUM MEDIA
Senator challenges ISA chief economist
A senior Government senator has questioned whether Industry Super Australia (ISA) was acting consistently with member’s best interests by appearing before the Senate Economics Legislation Committee’s review of the Government’s Budget tax cuts legislation.
The chair of the committee, Victorian Liberal Senator Janet Hume, directly questioned the ISA’s chief economist, Dr Stephen Anthony, about the appropriateness of a superannuation-focused body funded by industry superannuation funds appearing before the committee.
She asked whether, given that the purpose of superannuation funds was to further the interests of members, it was appropriate for Anthony to be spending time addressing the Canberra-based committee by telephone from Melbourne.
“How is using your time in this way in keeping with those objectives?” Hume asked.
Anthony responded that his role and function within ISA could be likened to that of a bank economist – “to be analytical and objective”.
In doing so, the ISA chief economist expressed the ISA’s opposition to the Government’s proposed tax cuts, suggesting that taken in combination the proposed personal and business tax cuts would, by the middle of next decade, remove any possibility of a surplus.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
