Labor’s integrity in tatters as the Albanese Labor Government cuts transparency and accountability on super fund expenditure

0bc9646c Bef3 4641 9c67 55b4f62922f5

Labor’s integrity in tatters as the Albanese Labor Government cuts transparency and accountability on super fund expenditure.

 

In one of the first acts of the Albanese Labor Government, they have moved to cut transparency and accountability in Australia’s superannuation system.

 

In a sneaky late afternoon press release, the Albanese Labor Government announced they would be pausing all measures that deliver accountability as part of the significant Your Super Your Future reforms, designed to lift standards and stop waste of members’ money.

 

Under the changes announced by the Albanese Labor Government, Australians won’t know how much of their money is being spent on marketing fees, sponsorship expenditure or gifts, including donations.

 

The most significant change will see the amount of money paid from super funds to Labor Party-affiliated unions hidden from members and the public. In 2020-21, super funds paid $12.9 million to unions, up from $11 million in the previous year.

 

Australians will no longer be able to question super funds at annual members meetings, which provide a forum where the key aspects of the fund are discussed and where members may ask questions about the fund’s performance and operations.

 

The Liberal National Coalition will fight to ensure these transparency and accountability measures will continue in the interest of super fund members and integrity of the Albanese Labor Government.

 

Shadow Assistant Treasurer and Shadow Minister for Financial Services Stuart Robert calls on independents elected at the recent election on a platform of integrity to join the campaign in reversing these cuts to transparency.

 

‘Under the guise of a review, the Albanese Labor Government have moved to cut transparency and accountability in Australia’s super system,’ Mr Robert said.

 

‘Just as super fund returns go backwards, the Labor Party is moving to protect their own interests rather than super fund members.’

Subscribe

  • This field is for validation purposes and should be left unchanged.

Sign up for the latest news from Stuart Robert MP

  • This field is for validation purposes and should be left unchanged.

Share This

Select your desired option below to share a direct link to this page

Share on facebook
Share on twitter
Share on linkedin
Share on skype
Share on pinterest
Share on email
  • Request a Flag

  • This field is for validation purposes and should be left unchanged.
  • Request a Letter of Support


  • This field is for validation purposes and should be left unchanged.
  • Invite Stuart to an Event

  • Residential Address

  • Date Format: DD slash MM slash YYYY
  • This field is for validation purposes and should be left unchanged.
Media