Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

‘People have a right to know’ what their super is funding: O’Dwyer

People have a right to know

The federal minister for revenue and financial services has taken a swipe at the superannuation system, arguing that funds need to do a "better job" of protecting members’ interests.

Speaking in Sydney this week, Kelly O’Dwyer said that given Australians’ longer life spans, the super system needs to lift its game when it comes to “preserving members’ money and intersts”.

Continuing, she said: “As technological advancement continues to disrupt existing business and employment practices, our regulatory institutions must adapt.

“People have a right to know what is happening with their money, how their money is being used, whether it is being used to fund political campaigns or being siphoned off to associated bodies such as unions or industry organisations.

Advertisement
Advertisement

“They need to know if there are being ripped off with high fees that don’t deliver benefits.”

Because Australia’s superannuation system is compulsory – meaning nearly 10 per cent of Australians’ wages aren’t accessible until retirement, it’s even more crucial that funds are transparent, she continued.

Ms O’Dwyer claimed that this a key reason the government is pursuing improved superannuation fund transparency; “so that superannuation members can have the right to know what is being done with their retirement nest eggs”.

‘People have a right to know’ what their super is funding: O’Dwyer
People have a right to know
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Cynic - Do you think this wasn't considered when Mr Morrison took 4 months to set the election date? It is out of our control to deliver this year. Ha!....
Anonymous - Bulldust. This sounds like leftist badmouthing the government as the ASTO has already said that even if the legislation is passed after 1 July 2019 it.......
Anonymous - Happy days are here again for all the aspirational battlers and retirees who will not be ripped off by Labor's Tax grab.....
MelbMan - We dodged a real bullet with Saturday nights Federal election result. ....