The banks reveal their grim future for compulsory superannuation
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 economics made over the past two decades. It will entrench cross-selling of super by banks to consumers; and the bundling up of business banking for employers with employees’ default super.
Industry Super Australia chief executive, David Whiteley, said:
"Let's be clear, ‘choice’ means cross-selling; and ‘competition’ means bundling up business banking with workers’ super”.
"The scandal-prone banks want to get their hands on Australians' super.
“This is against the tide of public opinion,” he said.
David Whiteley is available for interview. Media contact: Phil Davey 0414 867 188