8 Dec 2014

David Murray's superannuation reforms shows his political bias, he does not like industry funds.

Some of David Murray's reforms show his political bias, he does not like industry funds, the superannuation industry has never liked them and he is a creature of these organisations.

His appointment to head this enquiry with his background in the industry was always going raise questions about political leanings and some of the suggestions in the report highlight this.

The Murray report is hostile to industry funds which will be guaranteed to get Labor's back up.

It ignores the fact that they tend to be the cheapest and, on average, do better than other funds.

He seems to subscribe to the view that they're a sinecure for union hacks while putting it more diplomatically.

"Directors appointed by employer and employee groups are less likely to represent the broader membership of public funds," the enquiry says.

This is a ridiculous statement, do they honestly think the public believe that employer and superannuation appointed directors would be more representative of the broader membership, pull the other one.

The report also indicates that it does not like the idea of default funds, even though default funds are the the funds that perform better and charge less fees, surely this present system seems to be working well and should not be changed.

The fact that the report favours change in this area shows its bias in this regard.


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