Tim Wilson (Goldstein, Liberal Party) Share this | Link to this | Hansard source

Compulsory super should be for Aussie workers, not arrogant union fund managers. Industry Super has been exposed, spending $400 million over the past five years on ads and marketing for a compulsory product. Those hardest hit are young Aussies, who have funded this ad splurge at the expense of them buying their own home. This House's Standing Committee on Economics asked IFM Investors about paying secret $36 million bonuses to union fund managers, and they contemptuously refused to answer the questions. We know unions have no issue taking a slice of workers' wages through sneaky backroom deals, but this is now on a trillion dollar scale. Secret Industry Super Australia research reveals increasing the compulsory super rate will cost wages and jobs, but that doesn't stop the ALP demanding we give their union and fund manager mates a larger share of Aussie workers' wages to fester it for fees and give $40 million back to the Labor Party—coincidentally, that's how much the unions donate to the Labor Party each year. Wash, rinse, repeat—this isn't a retirement savings system. It's money laundering, benefiting shakedown merchants from the wages of Aussies.