Super changes would take control away from working people: ACTU

Changes to superannuation being debated in the Senate would take control away from working people and give more power to the banks, says the Australian Council of Trade Unions.

The Senate began debating some of the superannuation changes today, including the requirement for large super funds to have at least one-third independent directors – a change opposed by the ACTU and Industry Super Australia.

“The proposed changes would remove representatives of working people from super fund boards and subject industry super to more onerous regulations than the banking or financial sector have to comply with,” said the ACTU.

The organisation said it was “laughable” to suggest that the changes were in the service of working people.

“The Turnbull government is protecting the banks from calls for a royal commission, despite the fact that all four banks ripped off more than $200 million from their super customers, are being investigated for money laundering, and one for breaching terror finance laws.”

ACTU President Ged Kearney said the proposed changes were a “partisan attack on working people”.

“The proposed legislation is simply about handing working people’s retirement savings to the banks,” he said.

“We need to change the rules to take power back from the banks and big business, not give them control over millions of working people’s retirement savings.”

“The Turnbull Government should take Paul Keating’s advice in yesterday’s Australian and ‘leave it be’ rather than continue to be ‘wickedly alighted against superannuation’.”

It is increasingly unlikely that the superannuation Bills will reach a final vote this week.

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