Judith Sloan is right - the Department of the Treasury has moved from
champion of free markets to craven promoter of rent-seeking
Unfortunately there is no government department to resist the siren call for protection and favours sought through rent seeking. Perhaps this shouldn’t be surprising given that the entire climate change apparatus is a massive rent seeking exercise.
The rorting we observe in unions (which extends to their influence over the ALP) is precisely because of the honey pot of money available through industry super funds. If unions survived purely on member subscriptions, they would have shrunk long ago. But their rent seeking skills have given unions a new lease of life (shamefully the Coalition Government didn’t act against industry super funds when it had the opportunity) corrupting the union movement and our government. Now the Coalition is agreeing to increase the superannuation guarantee to 12 per cent, ensuring even more money is shoveled into these funds.
Unions (just as companies) should be explicitly excluded from owning / managing superannuation funds – they are hopelessly conflicted in their duties to their members versus their duties as trustees. We should have superannuation funds run by independent persons unconnected to both the employer and union.