Outsider notes that the class wars between industry superannuation funds and retail master trusts have never really ended.
For as long as he has written about the superannuation industry he has noted that there has been little love lost between the Financial Services Council (FSC) as the representative organisation for retail master trusts and Industry Super Australia as the representative organisation for industry superannuation funds.
But there are occasions on which the FSC and industry super people can agree on something and it appears that something is former FSC policy hipster and now NSW Liberal Senator, Andrew Bragg.
Thus, Outsider was amused to see Bragg working alongside former Transport Workers Union national secretary and now NSW Labor Senator, Tony Sheldon during the recent hearings of the Senate Economics Legislation Committee and the questioning of the FSC’s deputy chief executive, Blake Briggs.
With Bragg sitting in as acting chair of the committee, Sheldon did not miss his opportunity to nail his colours to the mast in the following exchange:
Senator Sheldon: I’ll make it a good one. This is for Senator Bragg, but my introduction will be that I was a member of TWUSuper. I’m still in TWUSuper, of which Senator Bragg is well aware.
Mr Briggs: You haven’t exercised choice yet, Senator.
Senator Sheldon: Also, I was a national secretary of the Transport Workers Union. I was very happy to be a garbo as well in my past life, and also a trustee for TWUSuper.
Acting chair: I thought it was Big W.
Senator Sheldon: Senator Bragg might want to declare his previous employment with FSC as well.
Acting chair: I’m very happy to declare any previous employment, but I think—
Mr Briggs: To be fair, I’m trying to forget it, to be honest.