Former Victorian Premier John Brumby will be the chairman of MTAA Super from 4 April, replacing the interim chairman David Lloyd QC, who has been in the role since September.
MTAA chief executive and secretary John Delaney said Brumby’s credentials as a leader and administrator made him an excellent choice for the role.
Brumby’s experience with major infrastructure projects and knowledge of industry policy, governance principles, and reforms affecting the superannuation sector would also benefit members, Delaney said.
As Victorian Treasurer, prior to his term as Premier, Brumby led the development of a national approach to public/private partnerships which resulted in projects such as the Melbourne Convention Centre, EastLink and the new Childrens’ Hospital, MTAA stated.
“I can assure MTAA Super, its members and all staff that I will devote the same energy and diligence that I provided during my government career to ensuring that MTAA Super is one of the very best industry funds,” Brumby said.
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
A new Roy Morgan report has found retail super funds had the largest increase in customer satisfaction in the last year, but its record-high rating still lags other super categories.
In a sharp rebuke to market expectations, the Reserve Bank held the cash rate steady at 3.85 per cent on Tuesday, defying near-unanimous forecasts of a cut and signalling a more cautious approach to further easing.