Outsider notes that former Financial Services Council (FSC) policy executive and long-time political aspirant, Senator Andrew Bragg, delivered his maiden speech in the Senate late last month and managed to upset a few of his old FSC constituents.
Given that the FSC counts amongst its members major superannuation companies such as AMP, IOOF et al, Outsider can only imagine how some of their policy wonks must feel having sat on FSC committees with Bragg only to discover what he was really thinking.
Bragg, you see, appears to have climbed aboard the Grattan Institute bus where superannuation is concerned using his maiden speech to decry the superannuation sector as being riven with vested interests and suggesting that the superannuation guarantee should be voluntary for those earning less than $50,000.
Outsider is, of course, far too polite to repeat some of things said about Bragg by some of the denizens of the superannuation industry following his maiden speech but, suffice to say, they suggested he was putting his own interests ahead of member best interests.
Given Bragg’s presence on the Senate Economics Committee, Outsider suspects the superannuation industry can expect some awkward questions over the next three years, at least.