Media releases

  • New research shows successful industry super fund model is delivering more to members

    Posted: Tuesday 21 March, 2017

    Industry super funds have maintained their leading outperformance of bank-owned retail funds by more than 2 per cent, new independent ratings figures reveal. According to the February SuperRatings numbers released overnight, industry super funds in the SR 50Balanced Option have consistently outperformed bank-owned retail super funds through the decade – by 2.02 per cent over three years; 2.16 per ...

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  • Government’s rush to defend bank lobbying efforts shows lack of balance

    Posted: Tuesday 21 March, 2017

    Industry Super Australia (ISA) expressed surprise at the tone and substance of the Government’s commentary on a new ISA advertising campaign which blows the whistle on the banks’ efforts to tilt the superannuation rules in their favour. Yesterday the Government seemed to rush to the defence of the banks by criticising the campaign and even recycling language routinely used by bank lobbyists includ...

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  • Keep bank ‘foxes’ out of the super henhouse, new campaign warns

    Posted: Monday 20 March, 2017

    A powerful new campaign warns industry super members and consumers of bank attempts to dismantle the model used by the most successful part of the superannuation system, and put at risk the retirement savings of millions of Australians. At the centre of the Industry Super Australia campaign is a 30-second television segment which depicts the hand of a federal politician opening a hen house to wait...

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  • Early access to super for housing proposal still ‘bad policy’

    Posted: Wednesday 15 March, 2017

    Industry Super Australia has again slammed as ‘bad policy’ suggestions that young people access their superannuation to buy their first home. New media reports today suggest the proposal continues to have traction within government ranks in the lead up to the Federal budget. Chief economist Stephen Anthony said: “In the housing affordability debate, the focus should be on land release, regulation ...

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  • Call for submissions on Insurance in Superannuation Working Group (ISWG) discussion paper

    Posted: Wednesday 15 March, 2017

    The Insurance in Superannuation Working Group (ISWG) today released the first of a series of discussion papers as a first step towards extending the Life Insurance Code of Practice to superannuation trustees. The paper, Account balance erosion due to insurance premiums, examines how to address the issue of members paying for cover they don’t need through having multiple super accounts. A further t...

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  • Big bank dominance prompts warnings against further creep into super

    Posted: Friday 10 March, 2017

    Consumers could see a fall in returns if the dominance of the big four banks in the banking sector was replicated in the superannuation sector, says Industry Super Australia (ISA). ISA’s analysis of official APRA data shows that the four big banks’ market share of assets in the banking sector has alarmingly jumped from 66 per cent in 1990 to 80 per cent in 2016. The finding comes as bank lobbying ...

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  • Women contend with unpaid super to the tune of $1.8 billion – new research

    Posted: Wednesday 08 March, 2017

    On International Women’s Day, new research shows that women are contending with unpaid superannuation entitlements on top of the gender pay gap. An Industry Super Australia analysis of the latest ATO data reveals that women working for wages and eligible for the SG were underpaid $1.84 billion in super contributions by their employers in 2013-14. The average underpayment was $1,550. The analysis s...

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  • Super news for bank staff, bad news for customers: new figures

    Posted: Tuesday 07 March, 2017

    Bank staff can count themselves lucky they’re members of ‘in-house’ bank corporate super funds rather than the retail funds they have to sell to the public. An analysis of the latest official data shows that over a ten-year period the Commonwealth Bank’s not-for-profit corporate staff fund outperformed by 2.8% per year on average one of the largest retail super funds it recommends to customers. Si...

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  • The banks reveal their grim future for compulsory superannuation

    Posted: Monday 06 March, 2017

    Australia's scandal-prone banks have foreshadowed a grim vision for Australian workers if they get their hands on the superannuation system, and unsurprisingly it is at odds with public opinion. The Financial Services Council (FSC) yesterday revealed "Super 2.0" a public policy agenda which is designed to decouple superannuation from employment. The retro plan ignores the learnings of behavioural ...

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  • Australians do not trust banks with their super, 7 out of 10 want not-for-profit system, new polling reveals

    Posted: Friday 03 March, 2017

    Explosive new polling shows that when it comes to superannuation, most Australians don’t trust the big banks and over two-thirds want the system to run on a not-for-profit basis with all returns to members. The Essential poll of 1000 people, commissioned by Industry Super Australia, has found that only 31% trust that the banks will ensure the superannuation system works in their best interest. Thi...

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