Media releases

  • Bank-owned super funds put ahead of consumers in Single Touch Payroll super proposal

    Posted: Thursday 17 August, 2017

    Bank priorities are being put ahead of the superannuation of millions of Australians in the ATO’s new digital process to register and track businesses hiring new employees. Under proposed rules, new employees may be pressed to use Single Touch Payroll (STP) to choose a super fund without access to fee or investment return comparisons, and could be prompted to choose a fund over the employer defaul...

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  • Industry Super set to launch new “Compare the Pair” campaign

    Posted: Monday 14 August, 2017

    Industry SuperFunds are set to launch the third generation of the famous “Compare the Pair” advertising campaign, to remind Australians what to look for when choosing a superannuation fund. Industry Super Australia senior manager brand and marketing, Bronwyn Hooton, said: “For well over a decade this campaign has reinforced how the average Industry SuperFund has outperformed the average bank-owned...

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  • First Home Super Saver Scheme could hit compulsory savings: new analysis

    Posted: Tuesday 08 August, 2017

    The proposed First Home Super Saver Scheme (FHSS) announced in the 2017 federal budget will put retirement savings at risk and possibly drive up housing demand. Industry Super Australia, in a submission to Treasury, has argued that, in guaranteeing returns through the use of the shortfall interest charge, the FHSS would eat into compulsory savings. In times of low or negative returns, superannuati...

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  • Call for submissions on data management to improve insurance outcomes for superannuation members

    Posted: Friday 28 July, 2017

    The Insurance in Superannuation Working Group (ISWG) today released the fourth in a series of discussion papers as a further step towards developing an Insurance Code of Practice for superannuation trustees. The paper, Data Management, outlines proposals that seek to enhance member insurance outcomes by improving access to timely and relevant information.  Proposals include that superannuation fun...

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  • New consumer protections in super welcome but should go further

    Posted: Monday 24 July, 2017

    Enhanced superannuation trustee obligations and regulatory powers announced today should benefit consumers but there is scope to go further, says Industry Super Australia. Chief executive David Whiteley said: "Industry super funds will always support measures to enhance consumer protections and member interests”. “We are concerned, however, that the changes do not go far enough, particularly on ‘C...

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  • Bank-owned super funds failing to meet their social license

    Posted: Thursday 20 July, 2017

     Independent data measuring the performance of Australia’s superannuation funds shows that the performance gap is widening between not-for-profit industry super funds and for-profit bank-owned super funds. 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 growing gap between industry fund and ba...

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  • Action on Unpaid Super Urgent – ‘Crackdown’ Tip of Iceberg

    Posted: Friday 14 July, 2017

    Reports today suggesting the Government is considering closing legal loopholes that allow employers to shortchange employees who make extra salary sacrifice super contributions is very welcome but will only help one in ten affected by unpaid superannuation. FOI documents obtained by The Australian of a working group that reported to Government almost six months ago shows progress is being made but...

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  • Unpaid Super: Who’s affected, which electorates and when will government act?

    Posted: Wednesday 05 July, 2017

    Phil Gallagher to share expert analysis at Sydney symposium The man whose innovative analysis of Tax Office data found one third of Australian workers are missing out on their super, and prompted a Senate inquiry, is speaking at a high level research forum in Sydney today. Former federal treasury Retirement Income Modelling Taskforce director and now Industry Super Australia special adviser Phil G...

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  • New figures show industry super funds continue to outperform bank-owned super funds. Is anyone asking why?

    Posted: Wednesday 21 June, 2017

    With new figures showing - once again - that not-for-profit industry super funds continue to outperform bank-owned funds, policy makers should start demanding answers, says Industry Super Australia (ISA).  According to the independent SuperRatings agency, for the decade ending 31 May 2017, industry super funds in the SR 50Balanced Option have outperformed bank-owned super funds on average by two p...

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  • Domestic violence should be a condition to access super early, says industry lobby

    Posted: Monday 19 June, 2017

    Industry Super Australia is supporting a call to include family violence as a condition for early access to superannuation. The proposal, from health employee super fund HESTA, recommends that family violence and financial abuse be added to Superannuation Industry Supervision Regulations (1994) as compassionate grounds. This would then allow superannuation savings to be used to pay for goods or se...

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