#AusUnions + bosses opt for super overhaul | The Australian


UNION and employer groups have backed an ambitious overhaul of the superannuation system that could increase savings for millions of workers by putting more pressure on funds to lift their performance.

The ACTU and the Australian Industry Group endorsed the approach yesterday, adding momentum to proposals that could exclude poor-performing funds from the system that sets the default savings for about 1.7 million workers under industrial awards.

The reform plan is being resisted by some funds and unions that question whether a super fund’s past returns can be used to predict its future performance.

The emerging proposals set the scene for a policy tussle when Financial Services Minister Bill Shorten considers the recommendations of a Productivity Commission inquiry currently taking public submissions.

The Australian revealed yesterday that Industry Super Network, which represents industry funds holding about $250 billion, was proposing a sweeping change to choose default funds by their performance.

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About Darin Sullivan (1969 Articles)
Former President of the Fire Brigade Employees’ Union (2009-2018) and a professional firefighter with more than 25 years’ experience. I live and work on the NSW South Coast, Australia. I am a strong advocate for firefighters and emergency service workers with an interest in mental health issues and caring for those around me. I am a Director on the NSW Fire Brigades Death and Disability Super Fund and work with charities including ‘The Movember Foundation’. As a leader and activist I have long been active in the campaign for action on climate change. I am a Station Commander in the fire and rescue service in NSW and have 30 years experience fighting fires, both rural and urban. I am passionate about highlighting the impact climate change is having on fire preparedness and fire behaviour in Australia, and the risks associated with inaction on climate change. I am also a spokesperson for the Australian Climate Media Centre.
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