AustralianSuper paid $26.6m to ISA over 5 years | Australian Markets
Australia’s largest industry superannuation fund, AustralianSuper, has revealed it spends over $7.5 million on memberships of industry associations and our bodies a 12 months.
Specifically, AustralianSuper revealed that in 2023/24 it spent over $5.2 million on the business behind the so-called “compare the pair” promoting marketing campaign – Business Tremendous Australia Pty Ltd.
Its subsequent largest expenditure was almost $1.6 million for its membership of the Tremendous Members Council (SMC) overlaying the 9 months between 1 October, 2023 and 30 June, final 12 months.
Answering questions on discover from NSW Liberal Senator, Andrew Bragg AustralianSuper stated that it believed the Senator was probing “key superannuation industry organisations/associations that AustralianSuper is a part of (i.e. organisations with whom AustralianSuper has an industry strategic partnership and not, for example, memberships held with organisations such as the Australian Securitisation Forum or Diversity Council Australia)”.
It then outlined what it described as “strategic partnerships with 4 key organisations/associations – the Australian Council of Superannuation Traders, Business Tremendous Australia, Tremendous Members Council and the Affiliation of Superannuation Funds of Australia.
Bragg’s query additionally requested what legal advice, if any, AustralianSuper had acquired “that justifies your position within their organisations” below Greatest Monetary Pursuits Requirements.
AustralianSuper responded that any legal advice acquired could be protected by legal skilled privilege and AustralianSuper shouldn’t be anticipated to waive that privilege.
Answering a particular query from Bragg on supporting the “examine the pair’ promoting marketing campaign, AustralianSuper acknowledged its involvement.
It revealed that funds to ISA over the previous 5 had amounted to over $26.6 million.
“AustralianSuper makes payments to ISA for delivery of marketing services that include the Compare the Pair marketing campaign,” the fund stated. “Funds to ISA are disclosed in AustralianSuper’s Fund Annual Monetary Stories obtainable within the Monetary Statements part of the AustralianSuper web site. Funds made by AustralianSuper to ISA for the previous 5 years had been:
Keep up to date with the latest news within the Australian markets! Our web site is your go-to source for cutting-edge financial news, market trends, financial insights, and updates on native trade. We offer day by day updates to make sure you have entry to the freshest info on Australian stock actions, commodity costs, currency fluctuations, and key financial developments.
Discover how these trends are shaping the longer term of Australia’s economic system! Go to us commonly for essentially the most participating and informative market content material by clicking right here. Our fastidiously curated articles will keep you knowledgeable on market shifts, investment methods, regulatory modifications, and pivotal moments within the Australian financial panorama.
