SMC claims confidentiality on cost of academic study

The industry funds-backed Super Members Council (SMC) refused to disclose to the Senate Economics References Committee how much it paid a South Australian academic for a study which found against the use of superannuation for housing.

In an answer to a question on notice from NSW Liberal Senator, Andrew Bragg asked after the start of the Federal Election campaign, the SMC extolled the virtues of the study undertaken by Professor Chris Leishman but cited commercial in confidence considerations for refusing to state how much Leishman was actually paid.

Bragg had asked whether research funding was provided by the SMC for Leishman’s study and “if so, how much?”

However, the SMC said it had previously provided evidence to the Senate Committee “noting individual supplier arrangements are commercial-in-confidence”.

“… this is standard practice for organisations across a wide array of sectors. This ensures an ongoing ability to negotiate the best terms in members’ best financial interests and not suffer a disadvantage in the market,” it said. “Quite reasonably, SMC therefore does not disclose commercial-in-confidence information, consistent with the approach of other similar organisations.”

The SMC also cited commercial-in-confidence with respect to Bragg’s questions around whether it provided funding to social meeting firm, Cheek Media Co and whether it had “paid Hannah Ferguson of Cheek Media and the Daily Oz to support your position positions?”

It said it engaged with social media firms in circumstances where “younger Australians are typically more likely than previous generations to access information via social media than traditional media.

“SMC engages via social media based on research that shows members who are more engaged with their super are more likely to make good financial decisions about their super. If SMC engages in a paid partnership with content creators, our involvement will always be attributed by the creator,” the SMC said.