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Superannuation bills are about handing control to banks, not protecting workers

15 November 2017 By ACTU

The changes to industry superannuation that are currently before the federal Parliament would give more power to the banks and take control away from working people.

171011 fed govt to put workers super up for grabs 800pxw1200pxhThe proposed changes would remove representatives of working people from super fund boards and subject industry super to more onerous regulations than the banking or financial sector have to comply with.

The argument being put forward by the Turnbull Government that these changes are in service of working people is laughable.

The Turnbull Government is protecting the banks from calls for a royal commission, despite the fact that all four banks ripped off more than $200 million from their super customers, are being investigated for money laundering, and one for breaching terror finance laws.

Quotes attributable to ACTU President, Ged Kearney:

“Industry super is a powerful tool for the financial advancement of working people. The proposed legislation is simply about handing working people’s retirement savings to the banks.”

“Any suggestion that this Government is interested in financial integrity while defending the scandal-plagued banking sector from a royal commission is absurd.”

“We need to change the rules to take power back from the banks and big business, not give them control over millions of working people’s retirement savings.”

“The Turnbull Government should take Paul Keating’s advice in yesterday’s The Australian and ‘leave it be’ rather than continue to be ‘wickedly aligned against superannuation’.”

“Industry funds have a proven record of out-performing commercial funds and generating thousands of jobs for Australians through investment. This is a partisan attack on working people.”



Media contact: Peter Green 0400 764 200 or ACTU Media 03 9664 7315

Contact Details
Name: David Smith, ASU National Secretary
Telephone: 03 9342 1400