The Australian Manufacturing Workers’ Union (AMWU) is concerned that the latest Productivity Commission report into superannuation supports the Federal Government’s push to assist the banks to get a greater share of the retirement savings of Australian workers.
AMWU National President Andrew Dettmer said the banks had plundered the superannuation accounts of workers by charging high fees, a process designed to lift bank profits, not to assist workers to have a decent retirement.
“This report is a stalking horse for giving banks more access to the retirement savings of workers,” Mr Dettmer said.
“The Banking Royal Commission has exposed the banks for exploiting customers, especially those in bank-owned retail superannuation funds.”
“Workers are now voting with their feet, deserting the bank-owned high-fee funds, and moving to the not-for-profit Industry Super sector where they get consistently better returns.”
“We all know the banks can’t be trusted with workers’ money and yet here is a report by the Productivity Commission suggesting they should be handed a bigger share of the superannuation sector.”
Mr Dettmer said the banks should be banned from participating in the superannuation sector because they had failed to deliver reasonable returns to members.