An industry superannuation fund (or, simply, 'industry fund') are Australian superannuation funds that historically were established by Australian trade unions to manage retirement savings for workers in their industry. Funds other than industry funds are referred to as 'retail funds'.
Most, though not all, industry funds are member of the sector peak body Industry Super Australia.[1] Nevertheless, all industry super funds have operation from inception through a not-for-profit, mutual fund structure. All profits from fund operations are retained by the fund membership, a fact prominent in marketing campaigns run by the peak body.
Formerly, specific industry funds could only be joined and contributed to by employees working in the establishing union's corresponding industry. Following reforms, most fund memberships are not restricted in this way, instead being 'public offer funds' regulated by APRA.[2]
For circumstances relating to their establishment; industry fund boardrooms usually include trade union officials, from the union responsible for establishing the fund. For example, Maritime Super's supervisory board includes union officials from the MUA, while Energy Super formerly had board members from the ETU.[3][4]
Senior managerial roles within Industry Funds are frequently granted to persons after a career in Labor Party politics or in unionism. Examples include: Wayne Swan (Chair of CBUS), Greg Combet (Chair of Industry Super Australia), and Paul Schroder (AustralianSuper).[5][6] Members of the Liberal Party and aligned conservative political commentators have criticised the relationship.[7]
- ^ "About".
- ^ "ABN Lookup". abr.business.gov.au. 1 November 2014. Retrieved 18 June 2023.
- ^ "Maritime Super chairman Paddy Crumlin slams 'ongoing attack' on underperforming fund". Australian Financial Review. 7 September 2021. Retrieved 17 June 2023.
- ^ "Industry fund strips union of board position after nuclear fallout". Australian Financial Review. 13 December 2022. Retrieved 17 June 2023.
- ^ "Meet the union veteran set to run AustralianSuper". Australian Financial Review. 13 July 2021. Retrieved 17 June 2023.
- ^ Hutchinson, Stephen Brook, Samantha (30 August 2021). "Labor heavyweights arm-wrestle over super prize". The Age. Retrieved 17 June 2023.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ "Victorian Labor: waste and rorts". The Spectator Australia. 31 October 2022. Retrieved 17 June 2023.