AustralianSuper queried on data handed to The New Daily

AustralianSuper has said it would hand over members’ emails and first names if an arrangement with The New Daily were to go ahead but that was subject to advice.  

During a Parliamentary hearing, AustralianSuper was asked by Liberal’s Julian Simmonds about what member information had been handed over to The New Daily. 

AustralianSuper chief executive, Ian Silk, said currently the superannuation fund had not provided any information but that it had communicated to a number of its members that the fund was proposing to do so and that this enabled members to advise the fund if they did not want that to occur. 

Related News:

“Subsequent to that communication with members advising of that intention to provide material to The New Daily, APRA [The Australian Prudential Regulation Authority] and OAIC [Office of the Australian Information Commissioner] have communicated with us and our current plan is to wait advice from OAIC before we execute,” he said. 

“The motivation from AustralianSuper is to one to enhance financial literacy of AustralianSuper members and secondly to extract member engagement benefits from it. We would have been speaking to The New Daily about means to extend benefits that current recipients of The New Daily receive to a broader cohort of the fund’s members.” 

Simmonds then asked: “Let’s say the arrangement continues, and you intend to continue with the arrange, what data would you be handing over?” 

“We would hand The New Daily the members' emails and first names,” Silk replied. 

Silk said he did not have a deadline on when this would commence as the fund was waiting for the OIAC’s response. 

Liberal’s Tim Wilson later asked whether AustralianSuper believed it was acceptable to “hand over private information of members to an entity which you can’t tell me is in the best financial interests of members to invest in?” 

“I’d need to repeat two things – AustralianSuper believes the provision of The New Daily to members achieves two things. It enhances financial literacy as evidence by views expressed by recipients by The New Daily. 

“It does aid in member engagement and member engagement plays to growing size of funds so we can use size and scale of fund to the benefit of the fund’s members. There is a direct financial benefit to members in that sense.” 

Wilson then pointed to the top stories on the publication’s website which were on topics relating to the Olympics, the Sydney COVID-19 lockdown, Taliban fighters, the Suez Canal, and grizzly bear in Montana. 

“For a site that apparently is about financial interests, frankly it doesn’t seem that interested,” Wilson said. 

Recommended for you




Hey Tim Wilson, it’s great you are putting some attention on the dodgy links and cross flow of money around Industry Super.
But Tim, your time would be so much more useful if you asked why Frydenberg HATES Real Advisers so much ?
The last 8 years of Frydenberg / LNP & ASIC massive over regulation of Real Advisers is a disgrace.
Tim please start asking why LNP / Frydenberg is STRANGLING to death small business and Real Advisers?
It must stop or we will not vote LNP.
And Advisers are now actively encouraging our clients Not to vote LNP.

When it comes to a dislike of financial planners, it's not just the Treasurer. Add in the LNP, ALP, Greens, and the vast majority of voters. Financial planners are not telling their clients how to vote (or what religion to belong to, schools to send their kids, etc.). It would be a very quick way to end a professional relationship.

Advisers will be telling:
1) smaller clients can no longer be clients due to LNP / Frydenberg Over Regulation.
2) bigger clients that fees are going up significantly due to LNP / Frydenberg Over Regulation.
And Advisers will be actively educating clients to see the hit $$$ to their hip pocket for these useless over regulation cost increases from Frydenberg / LNP.
Dear LNP / Frydenberg, how’s that knife edge majority looking when Real Advisers hate you and you have lost their votes. And we educate our clients too.

Won't happen. Fullstop. Smart financial advisers know the alternative will be much worse.

I have lost everything already, so what does it matter.

IF Scummo and Josh Friedthebooks can be sacked i would be happy

But Scomo and Josh would be on very nice lifetime pensions. Add in a few directorships, overseas posting, etc., I'm sure on the outside chance they did lose their jobs in 2022, they'll survive and most likely be a lot happier.

Breach sole purpose test - not a problem
Breach privacy laws - not a problem
Breach conflict of interest - not a problem
Bread best interest duty - not a problem

It is pretty easy being an untouchable union fund, and from Ian Silk's performance at the Royal Commission and his comments here, he knows no rules apply to them. He is actually annoyed that he is being challenged around breaking the rules. One set of onerous rules for advisers, one very different set of rules for the union funds.

I am bumused by those of you that think voting out the LNP is the answer to the problem?
Going by previous ALP statements the whole situation would implode far quicker if they are in power
The rise and rise of Union supported industry funds would hit new levels and continued to go unveted to a greater degree
No that’s not the answer Friedenberg is the issue here
He started all this and continues to drive it through the past 2 ministers that have held the financial services portfolio Why ?? Because they have no idea what they are doing
I agree let’s get him in front on Tim and ask him what his real agenda is ??

I just won't ever vote Liberal again myself and certainly not Green/ Labor. I am more likely to just vote informal. Such is the thoroughly ordinary mob that allegedly pass for leaders,these days. Just a horrible malaise.

yes, and sadly in the USA where it's not compulsory to vote, we end up with what we see over there, with mob madness. But I can understand an informal vote.

Add new comment