Changes to the selection process for workplace super funds could see employers caught up in $1.8 billion of red tape with small businesses hit the hardest, according to Industry Super Australia.
In a submission to the Financial System Inquiry released this week, the Financial Services Council recommended removing the Fair Work Commission from the fund selection process.
However the chief executive of Industry Super Australia, David Whitely, has slammed the recommendation and urged the government not to change the selection process for workplace super funds.
“The Fair Work Commission process puts competitive pressure on the super industry to deliver strong investment returns, provides a safety net for employees’ retirement savings and cuts red tape for employers,” Whitely said.
“It removes the cost of guesswork for employers and ensures the vast majority of Australians who don’t actively choose their own fund are placed in a high quality, safety net fund.”
Whiteley also lashed out at bank-owned super funds, who he says are lobbying the government to scrap the Fair Work Commission process for their own benefit.
“In 2014 the banks attempted to remove consumer protection for people needing financial advice,” he said.
“In 2015 they are attempting to remove consumer protection for more than eight million workers who do not choose their own super fund.”
Winning Group snaps up factory outlet Electro Seconds
Appliance retailer Winning Group has acquired appliance factory outlet Electro Seconds for an undisclosed amount.
Chief executive of the Winning Group and founder of Appliances Online, John Winning, said in a statment the acquisition will increase the strength of Appliances Online in the clearance marketplace.
“The acquisition of Electro Seconds Factory Outlet will significantly strengthen our offering in this area,” said Winning, as reported by Inside Retail.
As part of the deal, co-founder and sales purchasing and marketing manager of Electro Seconds, Behaz Bolurieh, will lead the clearance operations of Appliances Online.
The move comes almost a year after the Winning Group was rumoured to be launching an initial public offering.
Winning hosed down the speculation at the time, saying Winning Appliances was only “considering its options”.
Winning Group’s latest purchase follows its acquisition of Kitchen Headquarters in 2014 and McKnights Corporate and PowerBuys in 2012.
Electro Seconds has amassed 35,000 customers around Australia since launching in 2008.
Shares up on open
Local shares have opened higher this morning off the back of strong performances from crude oil and iron ore prices.
“With Wall Street having a flat session it was all about commodities today,” said Tristan K’Nell, head of trading at Quay Equities, in a statement.
“Turnover into lunch was $3.255 billion. The market has run very hard this morning and with a very quiet day of economic releases in the Asia pacific region I expect some profit taking in the afternoon session with the market finishing up around 45 to 50 points.”
The S&P/ASX200 benchmark was up 73.1 points to 5917.9 points at 11:56am AEST. On Thursday, the Dow Jones closed up 0.11%, jumping 20.42 points to 18,058.69 points.