Add new comment

Hedware, delving into people's religious orientation or beliefs is probably a little low in trying to draw a connection to anything to do with commentary on superannuation matters.
However, one of the main and concerning issues that has been simmering in the background for some time now is the manifestly unacceptable relationship between the industry super funds and the trade unions.
As the industry super funds have effectively tried to develop and market themselves as public offer funds designed for all and not just employees of certain occupations, it is unconscionable the volume of monies that have been provided to trade unions can in any way be acceptable as satisfying the Sole Purpose Test.
The creative nature of how the trade unions are provided these monies via directors fees of industry super fund board
members should be immediately banned. These third party payments are a form of compensation to an employer for a director giving their time to an industry superannuation fund, but research and analysis has shown that between 2013-14 to 2016-17 almost 70% of the $26.14 million in third part payments was paid to trade unions thereby totaling a massive capital injection of monies to the tune of $18,438,516 during this period.
The five biggest recipients of these monies in order were the CFMEU, United Voice, ACTU, AWU and the AMWU.
This is nothing more than a protected siphoning and political funding machine using monies that could be retained within these superannuation funds for the benefit of their members retirement.
There may be many members of industry superannuation funds that do not support the ideology and practice of the union movement and who are not a union member, but have no say in the financial support their fund is providing to a militant union who enforces stand over tactics to achieve their goals.
The best thing ScoMo and Kelly O'Dywer could do immediately is to have the courage to put a cessation to this practice based on a direct breach of the Sole Purpose Test.