The Choice-linked Super Consumers Australia group which received funding from the Australian Securities and Investments Commission has used its formal launch to attack the “superannuation lobby” for “using your retirement savings to lobby against your interests”.
The group, which received $2.5 million in funding from ASIC via the Community Benefits Payments scheme, launched itself with an attack on key elements of the superannuation industry led by is acting director, Xavier O’Halloran.
In doing so, he pointed out that Australia currently had four major superannuation industry lobby groups representing fund trustees, with combined budgets in excess of $42 million and employing more than 100 staff.
By comparison, he said Super Consumers had been established to advance and protect the interests of people on low and middle incomes in the Australian superannuation system and was dedicated to “ensuring that the interests of consumers and fund members are always put before the interests of shareholders and fund trustees in superannuation debates”.
O’Halloran said that the initial focus of his organisation’s small team would be on ensuring people did not end up in underperforming funds and improving the quality of life insurance policies offered through superannuation.