POWERED BY MOMENTUM MEDIA
ISA reasserts FSI submission claims
Industry Super Australia (ISA) has sought to reinforce the position it adopted in its 28 August second submission to the Financial Systems Inquiry by this week issuing a media statement once again claiming the superiority of industry superannuation fund returns over those of bank-owned and retail funds.
The ISA statement, widely published within daily newspapers, also sought to counter the current Financial Services Council (FSC) campaign to have the default funds under modern awards regime open to all Australian Prudential Regulation Authority (APRA)-approved MySuper funds.
The ISA's 28 August submission argued that the banks should be prevented from selling default super fund services to employers who were already using the bank's services and this was something reiterated at the weekend in the statement issued by ISA chief executive, David Whiteley.
At the centre of the ISA case is the proposition that banks are able to offer service discounts to employers who utilise bank-backed default fund products.
The ISA submission cited "profit orientation where trustees exhibit undivided loyalty to members rather than attempting to balance the interests of members and parent company shareholders".
Recommended for you
The Super Members Council (SMC) has called for streamlined super reporting to cut costs, boost investment flows, and strengthen retirement outcomes.
AustralianSuper’s reliance on unlisted assets dragged on performance over the past year, as the rally in listed markets left funds more heavily weighted to equities outperforming their peers.
IFM Investors has urged for government-industry collaboration to accelerate projects, unlock capital, and deliver long-term returns for Australians.
With super funds turning increasingly to private credit to lift returns, experts have cautioned that the high-yield asset class carries hidden risks that are often misunderstood.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 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(%)
