Industry Super Australia says the Government’s superannuation Bills, set for debate in the Senate today, are an “unprecedented ideological attack”.
Most of the Government’s superannuation agenda is scheduled for debate, including changes to super fund governance and reporting.
“The government has failed to present evidence that these Bills will improve the retirement incomes because there is none,” said Industry Super Australia (ISA).
“The Government’s claims to improve members’ outcomes in super might have some credibility if they were backed with evidence rather than embarking on an unprecedented ideological attack on the best performing part of the sector, industry super funds.”
“Rather than put forward credible evidence how its proposals will improve member returns, particularly in chronically underperforming parts of the industry, the Government has resorted to dog-whistling about the role of unions on trustee boards.”
ISA said that in the more than two years since the super fund trustee governance Bill was first introduced to Parliament major financial institutions have paid out more than $545 million in compensation and refunds related to misconduct. Meanwhile Minister for Revenue and Financial Services Kelly O’Dywer has promised to “lift superannuation funds to at least the same standard as other financial services organisations like banks and life insurance companies”.
ISA is calling on the Government to withdraw several of its Bills and “sit down with the superannuation industry and maturely discuss how to improve the wellbeing of the millions of super fund members”.
“Working with, not against industry super funds, the Government could achieve breakthroughs on unpaid super, gender equity in retirement incomes, the development of post-retirement products, consumer friendly disclosure, and realise the potential of investment in agriculture, infrastructure and affordable housing.”