POWERED BY MOMENTUM MEDIA
Concerns raised over ‘rorting’ in industry funds
New legislation is needed to deal with allegations of "horrific" rorting of industry super funds, former NSW Treasurer, Michael Costa believes.
Speaking on The Bolt Report, Costa said the Royal Commission into Union corruption needed to deal with three key issues relating to the governance of the trade unions, the Labor Party and the industry super funds.
"There's billions of dollars in these funds and they are badly managed in terms of corporate governance," he said.
"The Royal Commission has exposed some massive problems in relation to three areas. One is the question of trade union governance, the second area, which I think is probably the most important, is the governance of industry funds.
"I think there needs to be legislation coming out of this Royal Commission to deal with that. The rorts that are going on in there are horrific and they need to be dealt with.
"And the third area is the political — and that is again this question of Labor's relationships with the unions."
At the time of publication Super Review was awaiting a comment from Industry Super Australia in response to Costa's claims.
AUTHOR
Nicholas O'Donoghue
Nicholas is a journalist for Money Management and Super Review. Nicholas has several years experience as a journalist, reporting and managing websites for various news publications covering the medical and pharmaceuticals sector.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
