Industry super remains vocal on Voice referendum

As the Voice to Parliament referendum draws near, Super Review counts a number of superannuation funds, which include some of Australia’s largest funds, to have publicly backed the measure. 

Many are industry super funds that have often backed social issues publicly as part of their history with the unions, explained Sarah Penn, founder and chief executive of Mayflower Consulting.

“[They] have mostly come from a collective, union approach of ‘if we all work together, we can get a better outcome for everyone’ so it makes sense. They’ve often been at the forefront of gender equality, LGBT issues, environmental issues,” she said.

“Also, big super funds like that tend to reflect the overall Australian population, which is, they have a lot more younger people who, as we know, are far more likely to vote positive for societal change.

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“With funds management, last time I checked, the average age of someone seeking advice for the first time is 43 years old. It’s older people, traditionally more conservative, with more money, so it’s a more mixed client base and a bit harder to stick your neck out.”

AustralianSuper, which represents $300 billion in retirement savings for over 3.2 million members, has said it supports the Voice as a fund while recognising the right of members to exercise their individual choice and vote in the upcoming referendum.

“When AustralianSuper became a signatory to the Uluru Statement of the Heart in 2017, we did so to show our commitment to helping First Nations members to achieve a better financial position in retirement,” it stated.

“That’s why we support the Voice – because we believe it will help deliver better retirement outcomes for members and is an important step towards truth-telling and Treaty.”

Encouraging its team and members to engage in informed and respectful dialogue as part of this important national conversation, $260 billion fund Australian Retirement Trust (ART) has also backed the measure as a crucial step towards reconciliation.

ART chief executive, Bernard Reilly, said: “ART has a proud record of serving our Aboriginal and Torres Strait Islander members, including those who live in some of the most remote communities in Australia. Through our many years of experience working with our members we have seen the reality of the gap in retirement outcomes for Aboriginal and Torres Strait Islander peoples. This is a gap that the industry has a role to play in closing.

“We believe that the referendum is an opportunity for the voice of First Nations Australians to be amplified so that their needs can be better addressed by policymakers, particularly in relation to Australia’s retirement income system.

“That means that the government needs to take particular note of Aboriginal and Torres Strait Islander Australians, who are not currently enjoying the same standard of retirement as other Australians.”

Debby Blakey, chief executive of $76 billion fund HESTA, noted that the fund’s members work primarily in health and community services and have seen firsthand the devastating consequences of the systemic disadvantage Aboriginal and Torres Strait Islander peoples face.

She said: “As an investor, we also understand that strong and respectful stakeholder relationships are fundamental to good governance and long-term, sustainable value creation, which can lead to improved member outcomes. That’s why for many years, we’ve supported the Uluru Statement and its ambition to create a Voice to Parliament.”

Other advocates in the superannuation industry include UniSuper, Rest, Aware, CareSuper, and industry bodies like Industry Super Australia (ISA) and Women in Super (WIS).

Reflecting on its decision to support a ‘Yes’ vote, WIS said: “As we, as an industry, acknowledge and campaign to adjust the system to support women’s differing work patterns and social experiences, we need to extend this lens to also ensure the superannuation system – and all systems – will effectively support Aboriginal and Torres Strait Islander people. 

“Following decades of failed policy, we have a chance for unity that many did not think was possible. It is a chance to change the status quo and provide support to First Nations people.

“A yes result in the Voice referendum will set Australia on a fairer path for First Nations people, and begin the journey outlined in the Uluru statement to heal the soul of our nation. The Referendum is a chance to do something that is once in a lifetime, and it is important that we put aside the politics and vote for justice.”

Mayflower Consulting’s Penn agreed that “very slow progress” has been made so far towards better outcomes for Australia’s First Nations peoples.

“With [the Voice], it’s hard to see what difference it will make next year, but it will make a bigger difference in the long term, and really, when you talk about constitutional change, you’re talking about a very long time,” she said.
“[The referendum] is towards putting the building blocks in place.”