Despite amendments made to get it through the House of Representatives, the Your Future Your Super Bill still contains the power to allow Governments to determine by regulation what superannuation fund activity, including investments and expenditure, is and isn’t in the best interests of fund members:
- The issue of the Government going to extraordinary lengths to take control of where superannuation boards do and don’t invest hasn’t been resolved.
- There are currently no regulations drafted to support this power, but regulations can be made by any government at any time, creating uncertainty as to how regulations might in future override board investment strategies.
- This power could be used by lobby groups to influence governments to direct superannuation fund investment activity.
- This power would essentially make the Treasurer of the day “Chair of the board” of Australia’s superannuation funds.
The Liberals are ideologically intent on taking down industry super funds and have been since they came to power. They seem to hate the fact that working people can accumulate superannuation for their retirement, and that they are represented on superannuation boards by Union-nominated Directors.