07 October 2021

The Morrison-Joyce Government promises that its super changes would leave workers better off has fallen flat on its face at the first hurdle.
Some 65,000 workers are moving from one fund the Government says is an underperforming fund (Asguard Employee Super) to another fund the Government says is underperforming fund (BT).
The Prime Minister must now explain to those 65,000 workers how it’s in their financial interests to go from fund that failed his performance benchmark to another fund that failed the same benchmark.
Scott Morrison loves to talk tough about cracking down on underperforming funds, but the proof is now in the pudding.
There is no plan for an orderly transition of members in dud funds to better funds.
There is no guarantee workers’ money will be better managed.
And there is no interest in listening to industry concerns that Your Future, Your Super legislation was deeply flawed and needed fixing.
Labor has also warned for over a year that the Government’s changes would not deliver on the bipartisan aim of improving the performance of funds so members have more money.
We’ve called for months for a plan for the orderly transition of members from dud funds to good funds, as recommended by the Productivity Commission.
We’ve offered consistently to work with the Government to make sure members’ money is in the best possible hands.
It is disappointing the Government always plays politics and is never focussed on what working families need.