Politically, they know it's difficult to do anything about because industry funds typically perform better than retail funds. Coalition has also put so much emphasis on the value of consumer choice, they'd look pretty stupid trying to remove the current choice that performs better.
Started with the #LNP inquiry into super which tried to link unions with industry funds being bad and not providing returns. Turns out the private funds were worse in financial returns and so now the attack changes focus with aim of trying to dismantle the industry funds and moving them into private
A bit like the big expose of Cbus and delays in paying out death/disability payments and then we discovered almost all super funds used the same external provider, and all of them take too long to process payments.
An absolute beat up, though he did manage to identify the better performance of industry funds; I was bemused that he talked about “critics” but Bragg with his ideological agenda is the only one named.
Comments
https://www.crikey.com.au/2020/09/04/liberal-party-industry-superannuation/
If they had their way, we would have a system similar to the US, where execs routinely raid pension funds for their own gains
https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/fact-sheets/contributory-plans-criminal-project.pdf
Sector is a pretty huge term already....