Liberal senator Andrew Bragg has accused Labor of putting big super’s interests over consumers’ in its proposed definition for the purpose of the superannuation system.
“We want people to have higher levels of home ownership, which helps them have a good retirement .... but of course the super funds don’t want to lose any of their money,” he said.
He said any claims otherwise were based on “the massive and deliberate misconception” that industry funds put unions’ members first, when in reality they also had representatives from employers and businesses on their boards. “One of the reasons why [industry funds] are more successful than the other kinds of superannuation funds is because they’re governed equally by business, by employers and by employees, by businesses and by unions.”
“That’s when they’ll have to consider, will they favour people putting more and more money into super beyond what they need for retirement, or will they focus on what’s needed?” he said.
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