Australian Greens Senators' dissenting report

1.1The majority report is the latest in a long series of attempts by the Coalition to undermine industry superannuation funds.

1.2Coalition parties have long waged an attack on industry superannuation funds, driven in significant part by their fear of workers having access to and control of capital.

1.3The Greens are concerned that the majority of recommendations in the report, with the exception of recommendation seven, will at best do nothing to improve outcomes in Australia’s retirement system, and at worst significantly impact industry superannuation funds. For example, recommendation one seeks to introduce a requirement for superannuation trustee boards to have a majority of independent directors. The effect of this recommendation would be to limit the representation of workers and union representatives on the boards of superannuation funds and potentially increase representation of representatives from big corporations, for example, the major banks.

1.4The Greens do not support the latest Coalition attempt to undermine industry superannuation funds.

Senator Nick McKim

Member

Greens Senator for Tasmania