Australia’s not-for-profit industry super funds have continued to outperform ‘for profit’ bank-owned funds in the short, medium and long-term, according to the Industry Super Australia (ISA).
According to ISA’s chief executive, David Whiteley, the ‘for-profit’ culture in the banks’ business model raised questions of the appropriateness of banks’ involvement in compulsory superannuation.
“While the banks chase profit at members’ expense, industry super funds are focused on getting the best super returns for Australians workers,” he said.
“The millions of Australians who entrust their retirement savings with an industry super fund can have faith that their fund is putting their interests first, without the need to also deliver returns to shareholders.
“Australia’s compulsory super system should be run solely in the interests of members.”
According to SuperRatings monthly data, on average, industry super funds outperformed bank-owned super funds by 2.13 per cent over 10 years.
