Big banks can’t be trusted with workers’ money. They’ve been forced to refund or compensate their customers $480 million in the past two years.
But instead of tightening the reins on the “Big Four” retail bank superannuation funds, the Turnbull Government is rewarding them for their shameful behaviour.
Turnbull is trying to change superannuation rules to benefit banks and knock workers’ retirement savings. And he’s protecting banks from the scrutiny of a royal commission despite a string of scandals.
Profit-to-members Industry Super funds consistently outperform the profit-to-the-banks funds. And sixty four per cent of infrastructure investment in Australia is from Industry Super funds – compared with a paltry five per cent from bank-owned for-profit funds.
This means Industry Super doesn’t just do better with its members’ money – it creates Australian jobs. In 2015 alone, Industry Super created 46,000 jobs by investing $2.8 billion in infrastructure.
Industry Super funds don’t need to change – big banks do.
But Turnbull’s superannuation law changes are designed to make Industry Super funds become more like banks. He’s trying to change the way the better-performing funds run and leaving his mates in the disgrace-ridden bank-run funds alone.
Kelly O’Dwyer believes these laws “will lift superannuation funds to at least the same standard as other financial services organisations like banks and life insurance companies.”*
It’s clear your money’s safer in an Industry Fund, when the banks have a rap sheet like this.
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* Super industry laughs as Kelly O'Dwyer urges bank governance standards - Australian Financial Review, 22nd November 2016