Industry Super Australia CEO responds to Peter Strong’s lost superannuation claims

Industry super fund superannuation

Source: supplied.

On June 24, 2022, SmartCompany published an article by Peter Strong, former CEO of the Council of Small Business Organisations Australia, which argued billions of dollars in retirement savings have been lost because “vested interests” in the superannuation sector resisted calls to change the way super is collected. 

Industry Super Australia chief executive Bernie Dean has responded with the following letter:

Thankfully Peter Strong’s divisive and partisan approach to the shocking problem of workers not being paid their super is a thing of the past, with growing consensus among government, regulators and employer bodies that finding a way to better align payment of super and wages is the most sensible and sustainable solution. There was never any such consensus for the idea that the Australian Taxation Office solely administer the distribution of super contributions.

We look forward to working with employer organisations to ensure their members have every support to better align the payment of super with wages.

Workers deserve to be paid the super they’ve earned, and employers of all sizes deserve to be treated equally, and not undercut by those gaining unfair advantage by exploiting lax enforcement and outdated laws that allow super to be paid quarterly.

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Peter Strong
Peter Strong
1 month ago

The industry super funds provide in the main a better return for members then a lot of the retail funds. Good on them yet that has made them rich, lazy and privileged. If they had worked to improve administrative costs and streamline payment processes the returns would have been higher. The response from Mr Dean does not challenge the facts presented in my article. He reinforces the need to consult but only at their behest. Better late than never I suppose?

The industry super funds are part of Australia’s ruling class who believe the rest of us should do as we are told. Like all members of the ruling class when they get a message they don’t like, they shoot the messenger. The first sentence has some rather lame and confusing attempts at insults. Lol.

What Mr Dean confirms is that the funds laziness and the vested interests of organisations on the boards of the these funds cost members over $50b over the last decade. He doesn’t argue this.

Interestingly they don’t want to streamline the payment process but do want superannuation paid by small business every payday. This would of course make the problem worse not better. Cash flow management is also a big issue for most small business people. If the funds were really serious they would have provided certainty for employees and employers by agreeing to change the process 10 years ago. They didn’t and instead call me names. These entitled big financial institutions need to become part of society not see themselves as rulers.

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