Industry super funds hit back, committing to investing in growth and recovery

Amid ongoing criticisms from Federal Government back-benchers, industry superannuation funds are reinforcing the degree to which they are moving to help Australia move out of the recession generated by the COVID-19 pandemic via key investments.

On the same day that key executives were made to appear before the House of Representatives Standing Committee on Economics, Industry Super Australia (ISA) chairman and former Federal Labor front-bencher, Greg Combet declare that industry superannuation funds would be investing “tens of billions in Australia’s economic recovery with the aim to create or support many thousands of jobs in the years ahead”.

“Not only has the superannuation sector paid out about $10 billion to members who need to access their super now, they plan to invest tens of billions more in Australian business, equities, property and infrastructure, investments that support the economy and drive growth and job creation,” Combet’s statement said. “Collectively Industry Super Funds own $80 billion in Australian infrastructure, property, and other assets. One year’s capital expenditure on infrastructure created or supported 46,000 jobs.”

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It said that since the COVID-19 downturn Industry Super Funds had “poured hundreds of millions into the balance sheets of good Australian business” helping them build and expand operations with beneficiaries being the capital raisings of NAB, Reece Plumbing and Ramsay Healthare.

“And there could be billions more to come, at the end of the Global Financial Crisis the superannuation funds provided a significant portion of the $120 billion in capital raised by local businesses,” the statement said. “Industry Super Funds remain committed to supporting technology start-ups, SME businesses, social housing and aged care, as well as providing finance to the major banks.”

“Industry Super Funds hold a major stake in Australia’s economic life through investments in Australian listed companies – collective owning 10% of the ASX – debt markets, infrastructure, property and the wider financial system.”

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Enter the spin doctors & highly paid PR people... this whole fiasco ponzi scheme called industry super needs to be ripped literally out of union hands and all ties cut from that quasi-organised crime outfit. (As per their own union royal commission findings!).

How much of my precious taxpayer money was and is planned to continue to be wasted by Tim Wilson in this "urgent" enquiry that is clearly biased towards a particular sector of the financial community. Will he also be the first to criticise these players for not investing enough in the recovery phase?

Tim, spend as much money as you need.
Take the $70M from ASIC which they used to put people into the four Banks and AMP - but forgot to look at Industry Super and now, ME Bank - which is likely just member services dressed up as an investment - no dividends just costs to the poor unsuspecting Industry Super members who money it is.

Yawn, pro-ISA people or employees are so predictable. Knives out when the banks copped it but don't like the same amount of scrutiny themselves. Suck it up sweetie.

I would prefer if Greg Combet addressed the Q's asked of ISF.
Mr Wilson has hammered the industry fund sector with questions for his inquiry into major banks, superannuation funds and insurance companies.

More than 1500 questions on notice have been directed towards industry funds seeking information on related parties, salaries, unlisted assets, fees, marketing and advertising.

There is a whiff of RC2 in the air, and these fund know it. When the Australian public wakes up to the truth about industry funds, they will be shocked and disgusted.

Got a few ISA trolls on here commenting now... interesting. Might be something in this. There seems a great lack of transparency here. If there is nothing to hide, then why wouldn't they open the doors for all to see. Aus Super closed their doors to Lonsec and hence had a downgrade in rating.

Yes, well Aus Super is the stinkiest largest turd on the heap. Any open book enquiry would be disastrous for them!

Please ScoMo & Co, (to use Morrison's religious vernacular), "let the wrath of heaven descend unto them" and don't stop until 'the heathen has been smited".

Here's a good idea
What about if Greg Combet confirms that Directors of Industry Funds are now banned from re-directing their fees to Labor based associations or trade unions and if the Directors do not wish to be remunerated directly that these funds remain within the relevant fund for the direct benefit of the members ??
Greg?????....are you there Greg ???

Given the Union Funds lobbied so hard to get the Fed Govt to spend $100 million of taxpayers money on the Haynes RC, and attempted to shaft the SMSFs via totally biased tax treatment of franked dividends, they shouldn't be surprised they are going to get the same favour in return. When will they ever learn? No, because they are thick as brick Union hacks.

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