The seeds of Australia’s politicised industry super system
That warning stemmed from Storemen and Packers Union demands in Victoria that wholesale grocery chains become associate members of the union’s superannuation fund, into which employees and employers each would contribute 5 per cent of the workers’ salaries.
Yet, the result of the history spelled out by Pamela Williams is that industry super funds owned by a handful of unions and industrial relations club employer associations, but with no capital backing, could account for half of a $9 trillion super pool by 2041 that would dwarf both the banks and the sharemarket. https://www.copyright link/policy/tax-and-super/the-seeds-of-australia-s-politicised-industry-super-system-20211120-p59ald Some superannuation boffins think the money is theirs. They are merely custodians. Why is a form of 'soft blackmail' welcome in the superannuation system.
