POWERED BY MOMENTUM MEDIA
ISA uses union lawyer to push default super case
Industry Super Australia (ISA) has sought to use a legal opinion developed by trade union Queen’s Counsel (QC) to convince the Productivity Commission (PC) of the importance of making the Fair Work Commission (FWC) integral to the selection of default superannuation funds.
In a submission filed with the PC late last week, the ISA has referenced the legal opinion of Melbourne-based QC, Warren Friend who has represented the Construction Forestry, Mining and Energy Union and is president of the Industrial Bar Association.
While the PC’s draft report on the Superannuation Efficiency and Competitiveness found that the Fair Work Commission should be kept out of default fund selection, the ISA’s legal argument developed by Friend has argued strongly for retention of the industrial judiciary in the fund selection process.
Encapsulating the legal opinion, the ISA said Friend “concludes that the FWC possesses strong characteristics of independence, transparency and fairness of process”.
It said Friend had “found unpersuasive the argument of the Draft Report that the FWC is irreversibly flawed as a default selection venue because of past concerns with resolving disputes and industrial precedent.
However, in doing so, it noted that Friend believed amendments introduced by the former Labor Government in 2012 had changed the equation and promoted member benefit.
It quoted the QC as stating “the FWC is now explicitly required to make decisions in the ‘best interests’ of members, and is not limited to acting on the motion of the industrial parties”.
Recommended for you
The profit-to-member super fund’s MySuper default option has returned 9.85 per cent for the financial year 2024–25.
Colonial First State (CFS) has announced solid double-digit returns for its MySuper balanced and growth equivalent funds during the financial year.
The super fund’s Future Saver High Growth option delivered an 11.9 per cent return for the financial year 2024–25, on the back of a diversified portfolio and actively managed investment strategy.
HESTA has delivered a 10.18 per cent return for its MySuper Balanced Growth option in the 2024–25 financial year, marking the third consecutive year of returns above 9 per cent for the $80 billion industry fund’s default investment strategy.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
