POWERED BY MOMENTUM MEDIA
Questions reveal money directed to Industry Super Australia
Industry superannuation funds have been directing hundreds of thousands of dollars towards Industry Super Australia (ISA) each year with answers provided to a key Parliamentary Committee likely to provide fuel for ministerial questioning under the upcoming Your Future, Your Super legislation.
The questions have been posed by House of Representatives Standing Committee on Economics chairman, Tim Wilson and have so far elicited responses which show that some superannuation funds have directed over three-quarters of a million a year to ISA.
However, those funds have not detailed what the money was for, in circumstances where ISA has frequently acted as the coordinator and booking agent for industry superannuation fund campaigns such as “compare the pair” and “fox in the hen-house” on behalf of the 15 funds who are members.
Some of those ISA member funds denied in answers to Wilson that they had directed any money to ISA over the five-year period he specified.
The answers have come as the Senate Economics Legislation Committee continues its review of the Your Future, Your Super particularly submissions around the ability of the Minister of the day to veto superannuation fund investments which are deemed to be inappropriate.
Submissions to the Senate Committee have expressed concern about how the prohibition on certain payments and investments will impact political advertising, noting that the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had not recommended such an approach.
The answers to the written questions on notice posed by Wilson reveal that education industry fund, NGS Super paid ISA $619,050 in 2019/20, after having paid the industry funds body $633,328.84 the previous financial year and $626,526.64 in 2017/18.
It also reveals how comparatively small fund, LegalSuper, directed $122,743 to ISA in 2019/20, after directing $132,697 the previous year and $124,664 in 2017/18.
This compares with TWU Super which directed $518,823 in 2019/20, $530,790 in 2018/19 and $773,677 in 2017/18.
Both NGS Super and TWU Super are currently in merger moves with other industry funds.
Recommended for you
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Same old, same old very easy to spend other peoples money. Sheer waste with advertising spend not reflecting sufficient increase in memberships to justify. Added to that the corporate boxes and sports and other sponsorships, complete abuse and waste of members fees. When will there be parliamentary or commission enquires on this blatant abuse of members money?
Add new comment