Australian Unions built the most successful financial story in Australia – industry superannuation. Now Malcolm Turnbull wants to dismantle it.
Industry superannuation has low fees and high returns because they are run in the interests of their members, not to make profits for banks. All profits are returned to members, there are no sales people and it is secure. All of this is at risk if the federal government succeeds in letting the big banks get their hands on our super.
But legislation is currently before Federal parliament that would fundamentally change the nature of our not-for-profit system of industry superannuation. That means more workers’ super contributions would be handed over to the banks. Which in turn, would mean $267,000 less at retirement for a 25 year old earning $50,000 in 2010. Taken as an income stream, it would be thousands of dollars less every year. That would make a huge difference in retirement. Contact the cross-bench Senators and tell them to vote to stop this.
The union movement built our not-for-profit industry superannuation scheme. Now that it is worth $1 trillion per year the banking sector want it. That means more workers’ money diverted to corporate profits.
We built superannuation. Now we need to defend it.
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