SuperFriend, the workplace mental health and wellbeing partner for the superannuation and insurance industry, has responded on behalf of its partners to the Productivity Commission’s inquiry into mental health.
The federal government announced the inquiry in November 2018, calling for submissions extending beyond the health system’s role in addressing mental health, education, employment, housing, disability support and the justice system.
SuperFriend recommended the Federal Government establish a cross-sector working group, invest in the development of a National Workplace initiative, develop incentives for industry-led implementation, and encourage positive strength-based strategies across all investments.
Margo Lyndon, chief executive officer of SuperFriend, said insurance claims related to mental illness and suicide had increased, and managing those claims had become complex and costly.
“We are calling for the Government to introduce practical measures in working with the industry and business in creating mentally healthy workplaces across Australia for all Australians,” Lyndon said.
“We spend so much of our time at work, and there's a clear correlation between mentally healthy workplaces and improved worker mental health and wellbeing.”
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
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