Industry Super Australia has urged for discussions on the Productivity Commission's inquiry into the processes for default fund selection to be evidence based.
As it welcomed the re-appointment of Scott Morrison as Treasurer and Kelly O'Dwyer as the Minister for Revenue and Financial Services, ISA deputy chief executive, Robbie Campo, said fund members should be well-served by high performing funds regardless of whether they were engaged or not.
"The poorer performance of many choice products and many SMSFs [self-managed superannuation funds] should flag the need for more effective consumer protections for members leaving or outside default arrangements," Campo said.
"The best interests of members must remain firmly at the centre of any proposal to widen and strengthen the existing default safety net."
Campo also reiterated the ISA's calls for new measures to tackle conflicted remuneration in the financial services industry, robust product disclosure requirements, and increased professional standards for financial planners, in the wake of scandals in the "for-profit" sector.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Aware Super has outlined its systematic approach to corporate engagement as institutional investors increasingly assert their influence on company boards and take on an active stewardship role.
The country’s second-largest super fund has completed its fourth SFT this past financial year and welcomes almost 5,000 new members.
The corporate fund has announced it is seeking a suitable merger partner as the number of corporate super funds in Australia continues to dwindle.
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