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Productivity Commission to review default super process
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| Bill Shorten
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The Senate has asked the Productivity Commission to design a new process for the selection and ongoing review of default superannuation funds under modern awards as a result of a Coalition motion.
The Shadow Assistant Treasurer and Shadow Minister for Financial Services and Superannuation, Mathias Cormann, said the current process "is anti-competitive, it is not objective, not evidence based and not transparent".
Taking aim at the union movement, the Liberal Party MP said: "We have now had two years of a closed shop, anti-competitive arrangement to select default superannuation funds, with a significant bias towards union superannuation funds."
Cormann said that Financial Services Minister Bill Shorten ought to act in the best interests of working families with superannuation rather than in the interests of union superannuation funds.
"They deserve the benefit that would flow from robust competition between all superannuation funds," Senator Cormann said.
AUTHOR
Mike Taylor
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