The Morrison Government has restricted bargaining rights and handed a windfall to the scandal-plagued for-profit superannuation sector.
The Treasury Laws Amendment (Your Superannuation, Your Choice) restricts workers' rights to bargain for a single superannuation fund or set of funds in an enterprise agreement.
This Bill is a gift to the under-performing for-profit bank-owned superannuation funds at the expense of workers.
As stated by ACTU Assistant Secretary Scott Connolly:
"This is an attack on the basic rights of working people to bargain and win better conditions.
"The passage of this Bill is a gift to the banks and bank-owned for-profit superannuation funds. Despite years of scandals, decades of under-performance and evidence of shocking misconduct uncovered by the Banking Royal Commission, this bill directly benefits for-profit superannuation providers.
"Workers bargain for a single fund in the workplace where they know it is in their best interest. This ensures superannuation is paid in full and on time, that workers have the best insurance available to them and their line of work, as well as access to defined benefit schemes.
"This Bill threatens all of that and will only aid unscrupulous bosses and dodgy banks. The union movement supported sensible amendments put forward by Labor and the Greens and supported by Jacqui Lambie to protect workers' rights and is disappointed the Government and some crossbench Senators did not support them."
