New data on superannuation fund assets shows just how spectacular a failure the government’s superannuation agenda has been.
The Abbott/Turnbull/Morrison government has had a number of high-profile policy failures. It’s hard to go past climate policy as its most spectacular stuff-up, but superannuation surely has a strong case as well, if the latest data from the Australian Prudential Regulation Authority is anything to go by.
The Abbott government came to office determined to attack industry super funds, or what Abbott called a “gravy train” of “venal” union officials, and support retail super funds controlled by its big bank donors. It set about looking to repeal Labor’s Future of Financial Advice reforms, end the existing system of default superannuation fund choice, impose retail fund-style governance on industry funds and gut the corporate regulator ASIC.