Superannuation collection process underpins inefficiency and vested interests

June 7, 2019

This article was originally published in The Australian on 7 June 2019.

 

The article expresses concern about some people who want to control superannuation funds to achieve ideological and political outcomes. It questions who owns peoples’ retirement funds: is it the people themselves or is it someone else?

 

We must change the superannuation collection process to better reward investors, create a productivity hit for small businesses, create a cost saving for the ATO, and bring competitive forces to bear upon a multi-trillion dollar investment world.

 

Superannuation – a tribal history

When the Superannuation Guarantee (SG) was introduced, the unions and the biggest industry associations divided the superannuation landscape between themselves. This was very much like the European powers of the 1800s who divided Africa among themselves: Britain got Kenya, Germany got Namibia, Portugal got Mozambique, the Netherlands got Ghana, Belgium got The Congo and so forth.

 

Thus the construction sector was handed to the Master Builders Association and the CFMEU and became the new Kingdom of CBUS; the retail world was gifted to two supermarkets and the retail union (SDA) to become the colony of REST; the tribal homelands of hospitality was settled by the Australian Hotels Association and United Voice to create the People’s Republic of HOSTPLUS; manufacturing territories were signed over to the ACTU and the Australian Industry Group and became the superpower that is Australian Super; the transport hinterland was annexed by the state transport associations and the TWU to become the Federated States of TWUSuper; the health domain was divided up between various health unions and associations and became the Satrapy of CareSuper, and so forth.

 

Change the collection process and change this worrying paradigm.

 

 Small business and its employees are carrying Superannuation funds

 

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