Assistant Minister for Superannuation Jane Hume has lashed out at industry super funds, saying their role is not to create jobs, rebuild the economy or get involved in the climate debate but to bolster retirement incomes for workers.
In a sign of mounting frustration between industry super funds and the federal government, Senator Hume accused Industry Super Australia of being “noisy” and “belligerent” and said it did not represent the views of some of its own member funds’ bosses.
Industry Super represents 15 industry funds, including AustralianSuper, CBus, HESTA and HostPlus, that collectively hold the retirement savings of 5 million members. Since June, HESTA, CBus and UniSuper have all revealed plans to cut carbon emissions to zero by 2050.
“Some of these funds have got very big and very influential and they seem to forget their job isn’t to rebuild the economy or create jobs or reframe the climate debate or require industrial relations changes at companies they invest in,” Senator Hume said, adding the industry super sector accounted for about 40 per cent of accounts in the $3 trillion superannuation system.