Outsider understands that Liberal back-bencher, Tim Wilson, has been keeping quite a few industry fund officials busy in his role as chair of the House of Representatives Standing Committee on Economics.
Wilson, of course, became somewhat controversial by utilising his committee position to question the Australian Labor Party’s approach to franking credits (odd, when it was not the party in Government), but he clearly has other fish to fry when it comes to industry superannuation funds and how they operate.
Wilson’s committee gave superannuation funds a going over in November last year as part of its ongoing Review of the Four Major Banks and other Financial Institutions, but word has it his written questioning of some industry funds is focused on how much money is being channelled to Industry Super Australia (ISA).
As frequent readers of Money Management would know, ISA is funded by a number of industry funds and has generated such major television advertising efforts as ‘compare the pair’ and ‘from little things, big things grow’ and it would seem Wilson is hoping to unearth some big things about how the arrangements work.
Of course, all of this is happening while the Government receives submissions pertaining to its Retirement Income Review and as some of Wilson’s Liberal back-bench colleagues continue to question the value of superannuation and the compulsory nature of the superannuation guarantee.
Outsider has always believed in stuff-ups over conspiracies but is there a pattern developing here?