Having committed a future Labor Government to implement ALL the recommendations of the Hayne Royal Commission, Mr Shorten and Mr Bowen will find implementing 1 particular recommendation quite interesting.
Hayne has recommended that employees’ default super account follows them. This will present a very interesting proposition to the ALP’s benefactors, the industry super funds because it will necessitate a separation of superannuation policy from industrial policy.
A kid who works in the morning for a supermarket and is on a Shoppies enterprise agreement has to send their super to REST. The same kid working in the evenings for a pub on a United Voice enterprise agreement has to send their super to HOST. Same kid, 2 funds, 2 insurance schemes to opt out from of which they probably can’t claim.
What to do, what to do. And what about the superannuation account management industrial complex – all those fees for doing nothing. You’d think they were working in local government.
Interesting times indeed Mr Shorten and Mr Bowen. Deliver that one.