POWERED BY MOMENTUM MEDIA
Key Cooper Review calls rejected by industry
A survey of delegates attending the Association of Superannuation Funds of Australia (ASFA) conference has rejected key recommendations of the Cooper Review.
The delegates, attending a debate around specific Cooper Review recommendations, rejected abandoning employee/employer balance on trustee boards as well as the need for MySuper.
Non-Government Schools Super Trustee director John Quessey argued that a number of the Cooper Review recommendations had neither been sought nor required.
At the same time, a leading Melbourne QC and chairman of TWU Super, David Galbally, suggested MySuper would undermine the key issue of member engagement.
Quessey said that MySuper would entrench member complacency.
MySuper was rejected by nearly 75 per cent of the delegates polled while the issue of equal trustee representation was rejected by over 55 per cent of delegates.
The delegates were also strongly sceptical about the Cooper Review's recommendations with respect to fund size and consolidation.
AUTHOR
Mike Taylor
Recommended for you
Morningstar expects the Reserve Bank will still make around three cuts in this cycle, bringing the cash rate to a neutral level of around 3 per cent.
Economists have tipped inflation to ease further, but any upside surprise in the June quarter CPI could derail the Reserve Bank’s plans.
Australians are losing millions weekly in unpaid super, yet payday super laws have not made it onto Parliament’s agenda.
First Nations Australians have faced systemic barriers accessing super, with rigid ID checks, poor service, and delays compounding inequality.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
96.54 3 y p.a(%)
2
DomaCom DFS Mortgage
85.26 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
