The super giant is failing at the grass roots

The labour movement can rightly boast that over the past three decades, Australia’s system of compulsory superannuation has created one of the world’s biggest savings pools that has likely boosted the overall rate of national saving, taken pressure off the aged pension, delivered healthy returns and turned the economy into an overall exporter of capital.

Ironically, the legislated compulsion that has helped the trade union-dominated industry funds accumulate the lion’s share of the $3.5 trillion super honey pot also has left the system unprepared to adequately deal with its basic purpose of managing this money in retirement.