Liberal Committee chair generates ‘grudge’ report | Australian Markets
A Senate Economics References Committee reviews scathing of some superannuation funds and their governance has prompted Authorities accusations that the Liberal chair of the committee, Senator Andrew Bragg, has a ‘grudge’ in opposition to the superannuation system.
The committee’s deputy chair, Labor Senator, Jess Walsh, described Bragg’s third interim report as “unserious, unsurprising report reflecting nothing more than his long-held loathing of Australia’s superannuation system, and the critical role of unions within it”.
The third interim report tabled within the Senate and signed off by Bragg as chair, picked up on the current controversies surrounding huge construction industry fund, Cbus, and its relationship with the Development, Forestry and Maritime Staff Union (CFMEU).
Probably the most controversial components of the committee report signed off by Bragg urged adjustments to laws which might restricted the power of superannuation funds to utilise contingency reserves on the idea that “shareholders must pay regulatory fines, not consumers” and adjustments to impose a requirement for a majority of impartial administrators and an impartial chair along with competency guidelines requiring fund administrators and chairs to have related expertise”.
Walsh was crucial of Bragg’s strategy claiming he, as chairman, had allowed members of the committee much less than 24 hours to contemplate his report and had didn’t call for submission to tell the report on superannuation fund governance.
“The Chair has, across three interim reports solely targeted at dismantling superannuation, failed to address the terms of reference for this inquiry, which centre on innovations to Australia’s retirement system,” she stated.
“Across 3 interim reports, the only suggestion Senator Bragg has offered for improving Australia’s retirement system is to dismantle the best thing about it – our world-leading superannuation system.”
“Senator Bragg has made no serious effort to produce bipartisan recommendations on innovation for Australia’s retirement system – the terms the Senate approved for this Inquiry. Not one Australian will have one dollar more for their retirement savings as a result of this 15-month inquiry.”
“It is a waste of a 15-month inquiry for Senator Bragg to just rehash and reheat a position the Liberals held 10 years ago.”
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 every day updates to make sure you have entry to the freshest data on Australian stock actions, commodity costs, currency fluctuations, and key financial developments.
Discover how these trends are shaping the long run of Australia’s financial system! Go to us recurrently for probably 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 adjustments, and pivotal moments within the Australian financial panorama.
