The Meeting Place

Bill Shorten to shake up super

If the Labor Party wins the next federal election, retail superannuation funds could be forced to put members interests ahead of profits.

Opposition leader Bill Shorten put funds owned by banks and other financial institutions on notice in a speech at an event last night.

He said he would enable regulators, such as the Australian Prudential Regulation Authority (APRA), to force those funds to appoint independent trustees to oversee best practice, according to The Australian.

In the wake of the financial services royal commission's revelations of retail funds gouging members on fees, Mr Shorten said the sector was due for a shake up.

He also signalled giving APRA powers to sack trustees of funds that consistently underperformed, robbing members of optimal returns.

Earlier this year, a ­Productivity Commission report revealed that industry and public sector  funds performed better than retail funds, returning higher earnings to members because of their not for profit nature.

Mr Shorten said for profit funds had a conflict of interest whereby they needed to ensure profits for shareholders over returns to members.

“One idea that has emerged from some quarters is: should banks actually be in superannuation?” Mr Shorten said.

“I don’t know about that. One idea, and it’s only an idea … you could require for-profit funds to outsource the trusteeship to genuinely independent organisations,” he said.

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21 comments

SMSF`s next in line no doubt...

Brazil is looking better all the time.

Well, if there IS a problem with SMSF's, you would have to blame the management...

If there is a problem with my SMSF I have only myself to blame. If I can't have a SMSF I certainly would not be putting it into an industry fund. 

'For profit' funds should not exist only 'industry funds'.. I have been in one for many years my annual fees are aboy$100 every year. Whilst they have averaged 8-9% over 5hat time with as much as 14% - no paying vultures hovering above. Just profit for members.

This is an improper headline, is this what they call clickbait? Bill Shorten is full of statements as to what he WILL do, but even if the sky should fall and he wins the next election (God forbid) he still has to seek approval from Parliament. And he will not be held accountsble if he fails to implement any of his pre election promises. So why can't we have truthful reporting such as "Bill Shorten may consider changes to Superannuation if Labor wins the next election".

This is the man that said. If you have $70,000 you dont need the old age pension. 

Next he will say .if you have $70,000 you wont need your super. And he will steal it.

I would not trust Shifty Shorten as far as I coud throw him.

Bye Bye

 

I like to think that the company that manages MY Super, (and so my future, and that of my wife and family), would have MY interests first. That seems to be simple enough to me?

So why the outcry?

If this is another "Industry Funds vs Retail Funds, I suggest anyone considering which way to go, should follow the lead of the (then) Assistant Treasurer Josh Frudenberg, who withdrew his superannuation from AMP and placed it into Australian Super.

Now he is THE Treasurer, I trust he will adopt the same wisdom when spending and investing our money.

 

Strange that Shorten only wants to target any super funds other than industry funds. (Tongue firmly planted in cheek) What is needed is regulation to cover all super funds, regulations agreed to by both major parties which will govern fees and how the funds use members' funds, and then make it so that any future changes can only be passed by any parliament by a majority of 66% of both houses. To paraphrase Keating, never get between a politician and a bucket of money. All sides of parliament see the trillions in super funds and want to get their greedy hands on it. The money in funds belongs to the members, not the boards of the funds, not the unions and certainly not the politicians.

So you are supporting Retail Funds are you OM?  How strange.

I'd be expecting Shorten to come after BOTH sorts of funds but might suggest Industry Funds would not have a high degree of corruption in them.  That'll come out once return fall as the money has to go somewhere.  Been clear in Retail Funds for decades.............whilst these are always hidden from scrutiny, just like the banks.

I'm not supporting either funds MICK, I'm merely pointing out that Shorten has taken a position. As usual, you have only read the headline and not the article. I want to see a proper set of regulations put in place to cover all funds and then make them unable to be changed when a government changes. All sides of politics have stuffed up Keating's dream.

Shorten is against independent trustees in industry funds, but wants them in retail funds. It doesn't take much stretch of the imagination to see why.

Yes The LNP want Independent trustees in Industry Funds and The ALP want them in Retail Funds so you are right Old Man there should be Independent auditors on all Fund Boards.

I am happy to agree with the same rules for BOTH sides.  That's fair and as the above posts indicate fairness may not be the end game.  Certainly not with the current batch who seek to control everything with their own cronies.

Nothing wrong with expecting all funds to operate under the same rules, just as long as they are good rules that are monitored and enforced.  We need to learn from what happened with the banks that self regulation in organisations that exist to make maximum profits is usually a disaster.

Forget codes of practice, it has been proven that these are often stretched beyond recognition, what is required is regulation reinforced with an appropriate amount of red tape.

Self regulation is just an easy way for lazy governments to duck responsibilty.

Beware the politicians. They are coming after your super funds now! Doesn't matter which side they are on, they would love to get control of ALL  super funds and then dole it out to you at their choosing.

Thats what has happened to the original pension funding that was initiated years ago and now passed off as "wellfare" not entitlement.

If Gov gets its hands on super it will go into general revenue and become "welfare" via Centrelink that you will have to grovel for.

Slippery Shorten will destroy superannuation anyway with his changes to franking credits 

he’s  a train wreck waiting to happen

How about regulating industry funds Bill - Aus Super wants to prevent members taking out their own money 

And quick talking Morrison will give tax cuts to the already doing so well wealthy.

Crow about your franking credits somewhere where somebody cares. Unlikely Shorten will not cave in on this anyway and come up with a fair compromise.  But of course you and your cohort want it all.  Greedy bastards.

Oh bring on the revolution & socialism of the 21st century. All super funds taken over by the peoples government, by the people for the people. SMSF will also be taken over by the peoples government as it doesn't benfit the people only the shelfish individuals.

The peoples govenment will give everyone a pension based on their contribution to the ATO. A base pension will be paid for those who haven't contributed. No asset or income testing so if you have saved then you will have extra money.

The extra monies the peoples govenment receive from taking over all super funds & SMSF can then be used to build housing for those that haven't acquired their own home.

The revolution is nor far away

I think you're dreamin' Billy.

Change to capitalism is coming but not in our lifetime.  Thr right will not surrender what they have owned and controlled for so may millenia and when it happens it'll be one hell of a scrap.  Perhaps at that time the media will not be allowed to be owned by billionaires running their propaganda as well.  That'll be welcome.  Then we'll be able to have real elections rather than the shams where voters are programed to vote for coalition governments.  Tell me I'm dreamin'.

Communists are scum 

wealth in the hands of the party elite and the rest will remain poor peasants for all eternity 

oh wait - sounds a lot like the labor party 

Yes we are both dreaming Mick.

And as far as Cummunists being scum, the biggest scum is the LNP & all their Top End of Town & big corporate mates who want to keep ripping off most of the wealth for themselves & bugger anyone else, the Labour party isn't far behind these days.

Well gone are the days when the Labour party represented the average worker & gave anyone any real alternative. Not just Australia either, this is a global issue.

All of your comments are "scum" olbaid.  Your rhetoric is that of the looney right who can do nothing other than lie and throw mud.  Your comments have zero credibility and are not worth reading.

If all you can do is slag then you are useless.

Labor?  I don't know how Labor will go but NOTHING can be worse than 6 years of coal and rich man's betrayal whilst the debt grows and the rich are handed money like confetti to become ever more opulent.  That's not a productive way to run a world but that's how your employers would have it.

Start running the printing presses Rupert and crank up the grooming stories 7 News as an election is ocming.  Oh yes....they already are doing that.

Olbaid, you just described the format for the current government.  Great own goal.  It's the big battle, Coles or Woolworths let's all just spin a coin and pick the winner that way.

I am voting to give my grandchildren a chance to live without having to wear resporators when out doors, I may have to temporarily take less of a payment each quarter from the electrical supplier but that's just the kind of guy I am.  Short term pain for long term gain, when are people going to realise that this governments carbon policy is a sham?

You’re one of the silly billies who’ve fallen for the great global warming scam 

god luck to you 

Typical Marxist/Trotskyite labour - can’t rest until they have got control of my money that was earned by me.

God help us if Shorten, Sheldon and all the other ex union thug bosses get into government.

And the Coalition can't rest until it has its cronies in EVERY position of power and controls EVERY media outlet.

Tax cuts for the rich anyone?  Kill off a banking inquiry?  Look the other way with fraudulent offshore tax shelters?  So the list rolls on.

You have a hide posting that sort of dishonesty Bludger.

Pot....Kettle...Black Mick!

Tell me when I post something which is incorrect KSS. 

Read some of the (unfactual) posts we see from the right which avoid the facts.  They speak for themselves and my summary above is concise and, I maintain, correct.  Prove me wrong!

Dear old Bill will do nothing but wreck out super system. 

Hear hear, Liebor are not to be trusted.

The one set up by the rich for the rich?  Poor little rich men demanding nothing changes so that they can continue to plunder the planet. 

Take another lump of coal into the parliament guys. 

Too late the LNP have beaten him to it.  roy none of them are to be trusted, but that doesn't have to stop us from trying to get them to improve, just a little bit.

The Right have tried and failed, time to bring in the other team, if they fail we can change them out as well, but rewarding failure is never the solution, it only encourages poor performance.

MICK the last thing we need is more useless lumps in parliament.

If you lot are that pessimistic - change your money into hard currency, send it abroad or hide in the mattress or whatever. We survived Whitlam and so will we Cde. Shorten and his commissars. But think - Tovaritch Vladimir Shorten has not been elected as yet.

A luta continua - Che Guevarra

Yes indeed. And who knows what we would have now if Whitlam had bought back all the mines, gasfields and set up the uranuium industry.

We would surely still have manufacturing powered by nuclear and be rich like the Saudis and Quatar. Couldn't have that though when all those US , UK and chinese Corporations wanted the wealth instead.

Correct Rae.  Unfortunately we have a whole lot of folk with vested interests looking after number 1 and trying to shout down people who post perfectly correct information.

Anybody who thinks nuclear is the way to go needs to offer to store the waste in THEIR backyard.  Oh yes....that's different.  Thought so.  Full of shite!

Definately something about Shorten doesn't ring true. Neither does Morrison or Dutton though. So we'll have either Shorten or Dutten as the next PM and either won't be great.

Too much debt and owning nothing doesn't ever bode well for countries.

Bill Shorten and his union buddies cannot be trusted with your money.

Wouldn’t trust that half wit to run a school fete 

Communists are scum 

wealth in the hands of the party elite and the rest will remain poor peasants for all eternity 

oh wait - sounds a lot like the labor party 

You trolls keep posting the same one liners.  Use them in the WC where they belong or post something which has substance.  Oh yes, you have none of that.  As I said trolls!  Pick up your pay cheques before party HQ close up for the weekend.

MICK, the troll on steroids.

The LNP scum and their corporate scum cronies definitely can't be trusted with our money as the Royal Commission into Banks, super etc have proven. Retail super & SMSF should be abolished along with negative gearing etc.

roy the right wing troll posting crap for his party.  Facts?  What are these?  Tax cuts for us!  More to come.

MICK the troll is still on steroids, such a shame but ah well.

MICK, you must be the most repetetive "man" on this site, you are like a cracked record but no doubt the ALP pay you well. Keep up the "good" work for Shifty Shortem et al.

You can run but you can't hide. 

It is my hope that Shorten does not sell out the country like your lot has.  We'll see.....but your mudslinging without fact is what it is.

MICK, are you still bangin' on about your beloved Bill Shorten? He's not gonna leave his wife LOL get over it.

And you and banging on for your beloved Liberal Party which has ruined our country and is engaged in Class Warfare.

Adrianus. Shifty Shorten has done it once before, google Bill Shorten adulterer. Cue, MICK jumping to  defend his beloved Bill.

Bill and his union thugs will ruin this country never fear.

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