POWERED BY MOMENTUM MEDIA
Unions back ‘collective’ power of industry funds
Any attempt to diminish the collective power of industry superannuation funds through choice in super would only serve to entrench long-term inequality for workers upon retirement, particularly women, according to the Victorian Trades Hall Council (VTHC).
The VTHC has used a submission to the Senate Economic References Committee inquiry into the Government’s new superannuation choice legislation to argue against the dismantling of the current superannuation default regime.
The submission said the proposed laws purported to construct a false “choice” for workers by removing their right to bargain for their default funds.
“Bargained funds are almost always industry super funds because they are run only to profit members and consistently produce better outcomes in comparison to for-profit funds,” it said.
The VTHC submission said industry super funds tended to do well in part, because they were directed by workers.
“These super funds create stronger returns because of their large numbers of members, who have joined together to maximise their collective retirement savings,” it said. “In turn, these collective savings are better invested to produce higher returns.”
“The Turnbull Government’s proposed changes seek to dismantle this system and leave workers worse off,” the submission said.
Recommended for you
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
oh they are so boring!