Senate puts ice on government’s ideological super attack

Greens Treasury spokesperson Adam Bandt MP welcomed the crossbench Senators putting the ice on the government’s ideological attack on super through their Superannuation Trustees Governance legislation.

“The banks are coming for people’s super and the government is helping them,” Mr Bandt said.

“The government is being driven by ideology, not evidence.”

“There has been no suggestion that there’s something wrong with the current governance arrangements with industry super funds. In fact, they’re delivering better returns than the retail funds.”

“The Senate crossbench has sensibly put the government’s plan on ice while they wait for more evidence.”

Greens Finance spokesperson Senator Peter Whish-Wilson said: “One important issue that has been raised in this debate is that Superannuation funds need to do better in their rates of investment in Australian Infrastructure.”

“Industry super funds already massively outspend retail funds when it comes to local infrastructure projects. The Government’s reforms would have brought the rate of infrastructure investment of the industry funds down to the lower level of retail funds.”

“I have been chairing an inquiry looking at infrastructure financing in Australia and I will be calling the superannuation industry to present information on how their Governance Review might lead to an increased level of local investment.”

Media contacts:

Adam Bandt – Adam Pulford, 0429 109 054
Peter Whish-Wilson – Tim Beshara, 0409 164 603