The Industry Super Network (ISN) has changed its name to Industry Super Australia (ISA), with chief executive David Whiteley saying the change reflected the growing role of industry superannuation in the nation’s economy.
The announcement comes after ISA formed a strategic partnership with the Financial Services Council, with the two associations to work together on the critical issues for superannuation in Australia.
“We’ve been successful advocates for making the system fairer - including the reforms to financial advice and the banning of commissions,” Whiteley said.
“And most importantly, our outperformance has meant better average returns to our members,” he added. “We’ve achieved this with a governance model that sees an equal representation of employers and employees who work together and act only in members’ interests.”
ISA represents five million members across the industry super fund sector who work for 600,000 Australian employers.
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.