Media releases

  • Coalition pushes not-for-profit super funds to emulate ‘extraordinarily incompetent’ big bank board model

    Posted: Monday 23 October, 2017

    The Coalition chair of the bank oversight committee has torpedoed the government’s campaign to make not-for-profit industry super funds more like the banks by delivering a withering assessment of the majority independent Commonwealth Bank board during hearings in Canberra. At the House Economics Committee bank oversight hearing, chair and Liberal MP David Coleman said: “…the allegation is that, th...

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  • Long term performance of Industry Super Funds shows success of member-focused governance

    Posted: Friday 20 October, 2017

    The latest independent data on the performance of Australia’s superannuation funds provides further evidence that the government’s proposed changes to not-for-profit super funds miss the mark. According to monthly SuperRatings data, industry super funds have outperformed bank-owned super funds on average by more than 2 per cent over 10 years. “Consistent outperformance by industry super funds over...

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  • New ASIC Chair is right – parts of finance sector have ‘forgotten’ whose money they are investing

    Posted: Thursday 19 October, 2017

    Comments reported today from the incoming Australian Securities and Investment Commission Chairman, James Shipton, saying the problem with the finance sector is that it has ‘forgotten’ who owns the money, should prompt the Government to abandon its super fund governance changes. Industry Super Australia public affairs director Matt Linden said: “Public trust in the finance sector is at an all time...

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  • Government pushes ahead to make Australia’s trusted industry super funds more like the Big Banks

    Posted: Tuesday 10 October, 2017

    The Coalition is pushing ahead to make Australia’s industry super funds more like the banks, with public hearings into a Bill that, if passed, will fundamentally change the way they’re governed. Today’s Sydney hearings follow Financial Services Minister Kelly O’Dwyer’s vow in 2016 to “lift superannuation funds to at least the same standard as other financial services organisations like banks and l...

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  • New figures show Industry SuperFund members around $2000 a year better off, after fees

    Posted: Friday 06 October, 2017

    New data from the “Compare the Pair” model run by SuperRatings has again demonstrated after-fee outperformance of Industry SuperFunds compared to retail super funds, which are generally owned by the big banks. The SuperRatings model compares the average performance of the main balanced investment option of Industry SuperFunds against the average performance of retail funds on a net-benefit basis o...

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  • Super switching suggests choice hurts consumers – new report

    Posted: Monday 02 October, 2017

    A new report shows around half of Australians who switch funds pay significantly higher fees and obtained lower returns than their original super fund prompting concerns bank sales strategies are exploiting consumers. The Rice Warner report, commissioned by Industry Super Australia, looked at super fund rollover and switching behaviour in the year to June 2015. It found that across the system (ind...

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  • Consumers nominate fees & net returns most important in selecting a super fund - but fee disclosures not up to the task

    Posted: Wednesday 27 September, 2017

    Fees and net returns are top of mind for Australians deciding a superannuation fund, a new survey reveals. A poll conducted by UMR research in September, asked 1000 people aged 18 and over to nominate those things that mattered most to them in selecting a superannuation fund. Of the respondents, 74 per cent said fees were either extremely important or very important; 64 per cent said performance h...

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  • Flawed super disclosure rules a risk to consumers: Action needed to clean up ‘Fee-asco’

    Posted: Tuesday 26 September, 2017

    New fee and cost disclosure rules set to take effect in less than a week, are fundamentally flawed, “creating risk” to investors and providing “substantial advantage” to some funds over others, an independent superannuation ratings agency confirms. According to a new report by SuperRatings (commissioned by ISA), the inconsistent treatment of investment vehicles under the ASIC’s new Regulatory Guid...

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  • Outperformance by Industry Super Funds highlights success of all-profits-to-members culture

    Posted: Wednesday 20 September, 2017

    Independent data measuring the performance of Australia’s superannuation funds shows not-for-profit industry super funds continue to outperform “for profit” bank-owned funds in the short, medium and long term. The latest SuperRatings monthly data shows, on average, industry super funds have outperformed bank-owned super funds by more than 2% over 10 years. The Federal Government has introduced a s...

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  • Super industry consults on draft Code of Practice to improve outcomes for members

    Posted: Wednesday 20 September, 2017

    The Insurance in Superannuation Working Group (ISWG) today released a draft Code of Practice to apply to superannuation funds that offer insurance. The draft Code-  outlining a set of industry standards and new measures for all classes of insurance in superannuation, including life, total and permanent disability (TPD) and income protection - has been jointly developed over the past 10 months by t...

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