Keep banks out of super - ACTU Australian Unions

Tell Malcolm Turnbull: Keep banks out of our super



Malcolm Turnbull has finally capitulated and established a banking royal commission.

For too long, the big banks have taken customers for a ride with their dodgy practices, ripping us off to keep bloated executive salaries inflated. The banks are broken and it’s time to fix them. 

This royal commission should focus on the behaviour of the banks, full stop. 

But shockingly Malcolm Turnbull is allowing the banks to have input into the royal commission terms of reference, and they seem poised to use this royal commission as a vehicle to attack workers’ retirement funds. 

The Turnbull government is dangerously obsessed. Their attacks on unions and the industry super funds we created are attacks on all working people, whether they are union members or not. 

This dangerous obsession could cost us our retirement savings. We can’t stand for this. 

Tell Malcolm Turnbull to keep the banks out of our super. 

Sign and share this petition.

Why is this important?

The Turnbull Government has resisted a banking royal commission for too long. Now we are going to have one, it should focus on the bad behaviour of banks - behaviour that has hurt too many Australians. 

Anything else is a cop out. 

It would be totally outrageous for Malcolm Turnbull to turn this banking royal commission into an attack on industry superannuation designed to hand retirement savings over to the big banks. That’s not what Australians demanded in their calls for a royal commission. 

Big banks can’t be trusted with workers’ money. Banks have been forced to refund or compensate their customers $480 million in the past two years.

In contrast, industry superannuation is scandal-free and consistently delivers better returns for members than any bank super fund. 

Industry super isn’t broken and doesn’t need fixing. It’s the big banks that are broken - that’s why we needed a royal commission in the first place.