Super funds blast Wilson’s ‘political theatre’ By Sarah Kendell 02 August 2021
The super industry has slammed the House economics committee’s latest inquiry into the alleged creeping influence of mega funds, saying the probe amounts to “an act of political theatre” from the committee’s fiery Liberal backbencher chair.
The inquiry into “the implications of capital concentration and common ownership in Australia”, which was announced on Monday, will look at the high concentration of ownership of the nation’s top listed companies by “an increasingly small number of mega-funds”, according to committee chair Tim Wilson.
“The House Economics Committee has been asking regulators about these risks for nearly a year,” Mr Wilson said.
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Superannuation sector scrutiny as reforms takes effect
With the ‘Your Future, Your Super’ superannuation reforms having now come into effect the House Economics Committee will hear from key players in the sector at a public hearing via videoconference on Thursday 8 July, to discuss implementation of the reforms.
The hearing forms part of the Committee’s ongoing Review of the Four Major Banks and other Financial Institutions. Appearing will be industry funds, including Australian Super, CBUS, Aware, Prime, Maritime, and TWU Super, as well as the retail funds Fiducian, and Equity Trustees (trustee of Zurich Master Superannuation Fund).
Committee Chair, Mr Tim Wilson MP said ‘Thursday’s hearing is an opportunity to scrutinise the superannuation sector’s response to the government’s “Your Future, Your Super” reforms’, which came into effect on 1 July.
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Chief Health Officer Brett Sutton told healthcare workers in a private seminar that the country will reach a critical juncture where it must abandon its fortress Australia approach to COVID-19 and “make a call on letting it run” once vaccinations have been widely offered.
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It is Australiaâs most important bank but it doesnât have any customers. You canât open an account with this bank, itâs unlikely youâll ever meet the manager and it doesnât even have ATMs.
But the Reserve Bank of Australia is pivotal to the national economy. From house prices to wages, the Reserve (RBA) influences even the smallest financial transaction in the country. It does this through monetary policy â the interest rate set by the bank once a month that affects the cost of money.
Anyone with a note or two in their wallet also has a reminder of the Reserve Bankâs other key function. The signature of the bankâs governor is on every note â it is the RBA that prints our colourful collection of currency.