Industry super funds anti-bank campaign
Industry Super Australia has backed its recent anti-bank rhetoric with the funding of a new advertising campaign with the message that the bank foxes need to be kept out of the superannuation hen house.
The campaign, launched at the weekend, claims the banks are trying dismantle the default fund model, which it describes as the “most successful part of the superannuation system”.
The advertising campaign came as the Government has recommitted to opening up the default fund regime to more competition and its final scene depicts the hand of a federal politician opening a hen house door to waiting foxes with the tag-line “banks aren’t super”.
According to ISA chief executive, David Whiteley the commercial “responds to bank attempts to secure unfettered access to Australia’s default superannuation system for those who don’t choose their own super fund”.
“The banks are quietly pressuring federal politicians to remove the laws that protect Australians who save through workplace default funds,” he said.
“If the banks succeed in bringing the default system down, the super savings of millions of Australians could be at risk,” he said.
The ISA claims research conducted ahead of the advertising campaign shows strong public distrust for banks when it comes to super, with Whiteley adding: “The five million Australians who entrust their savings to an industry super fund expect us to call out exactly what the banks are up to – and our politicians to stare them down”.
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