POWERED BY MOMENTUM MEDIA
Pillar off the market
With the next New South Wales election now less than six months away, the State Government is understood to have shelved plans for the sale of Pillar Administration.
The NSW Government announced in 2008 its intention to sell Pillar, but the administrator’s importance to employment in the Illawarra region appears to have ensured that it will remain under State Government control for the foreseeable future.
Super Review has been told that a possible answer for the Government with respect to Pillar is to bring it within the broad orbit of State Super.
While the sale of Pillar emerged as a real possibility when Morris Iemma was Premier in 2008, the current Premier Kristina Keneally underscored the change in political climate in June when she announced that Virgin Money Australia, as part of a superannuation expansion, had engaged the services of Pillar.
She said this would provide Pillar with scope to create new jobs in Wollongong, and added that her Government had announced earlier that Pillar would be used to help grow the Illawarra as a centre of excellence in knowledge services.
AUTHOR
Mike Taylor
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