ACTU defends union directors on super funds

Mike Taylor

Managing Editor and Publisher

17 February 2025

Australia’s peak trade union body, the Australian Council of Trade Unions (ACTU), has hit back at a Senate Committee report which has recommended imposing more independent trustee directors on the boards of industry superannuation funds.

The ACTU has responded by stating that not only have industry funds out-performed retail funds but that the majority of Australians have chosen to trust their retirement savings to such funds.

The ACTU said the Senate Committee report, substantially authored by the committee chair, NSW Liberal Senator, Andrew Bragg, represented another attempt by the Coalition “to destroy the super system that Australians value”.

“The majority of Australians trust their retirement savings to the super funds with worker representatives on their boards,” ACTU assistant secretary, Joseph Mitchell said. “Outlawing that option is insulting to the millions who want their super to priories their interests over the interests of corporate shareholders.”

“This proposal is further evidence that Peter Dutton and the Coalition are unashamedly on the side of the big banks, not workers. When super funds allow workers to have a seat at the table, the evidence is clear, they generate higher returns – worth more than $190,000 in retirement savings. Banning workers’ voices is a direct threat to the financial security of millions of Australians.

“It’s increasingly clear that Peter Dutton and the Coalition are a risk to workers’ wages, and their retirement.

““This is just the latest in Peter Dutton’s destructive record on super. The Coalition froze the legislated increase to the Superannuation Guarantee, voted against making super theft a crime, forced Australians to drain their super to get by during the pandemic, and now they want to force people to drain their super to put a roof over their heads,” Mitchell said.

“Instead of proposing reforms to close the gendered retirement gap and guarantee a comfortable retirement for every Australian, the Coalition is only interested in dismantling Australia’s world-class retirement system,” he said.