Frydenberg backs super governance changes
Weekend comments by the new Federal Assistant Treasurer, Josh Frydenberg, have been interpreted as pointing to him moving to change superannuation fund governance arrangements to increase the number of independent directors.
Frydenberg, being interviewed by reporters before leaving on trip to Europe, specifically referenced the size of the superannuation system and the need to have the most robust governance settings possible.
"I am attracted to the notion of having an independent chair and a larger number of independent directors," he said.
However he claimed any such move should not be interpreted as being aimed at union-backed industry superannuation funds but, rather, about best practice and getting the best possible outcome for super fund members.
Frydenberg's comments on default funds under modern awards made it clear that, like his predecessor in the assistant treasurer role, Senator Mathias Cormann, he believed the default funds sector should be opened up to competition.
He said he believed there need to be more competition injected into the sector.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
