Banks undermine default super deregulation
The banking "oligopoly" in Australia has undermined the banking sector-led government policy to deregulate default superannuation and dismantle not-for-profit super governance, Industry Super Australia (ISA) believes.
Pointing to the Parliamentary report following a review of the major banks that labelled the banking industry as an "oligopoly", ISA chief executive, David Whiteley, said the findings amounted to a rebuke of the banks' efforts to redesign super to suit their business models.
"Fortunately for Australian workers and retirees the banks don't have oligopoly status in superannuation, with not-for-profit funds including industry, public sector and corporate funds having a superior track record when it comes to governance, performance and member focused culture," Whiteley said.
He said the only thing that stood between the savings of millions of Australians and a bank-owned fund oligopoly in superannuation were not-for-profit super funds, overseen by representative trustees.
"Everyone knows what will happen when the banks get hold of their super," Whiteley said.
"It beggars belief that the banks think they will get away with lobbying the Government to give them a leg up."
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