A senior Government senator has questioned whether Industry Super Australia (ISA) was acting consistently with member’s best interests by appearing before the Senate Economics Legislation Committee’s review of the Government’s Budget tax cuts legislation.
The chair of the committee, Victorian Liberal Senator Janet Hume, directly questioned the ISA’s chief economist, Dr Stephen Anthony, about the appropriateness of a superannuation-focused body funded by industry superannuation funds appearing before the committee.
She asked whether, given that the purpose of superannuation funds was to further the interests of members, it was appropriate for Anthony to be spending time addressing the Canberra-based committee by telephone from Melbourne.
“How is using your time in this way in keeping with those objectives?” Hume asked.
Anthony responded that his role and function within ISA could be likened to that of a bank economist – “to be analytical and objective”.
In doing so, the ISA chief economist expressed the ISA’s opposition to the Government’s proposed tax cuts, suggesting that taken in combination the proposed personal and business tax cuts would, by the middle of next decade, remove any possibility of a surplus.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
Add new comment