Costello wants govt to run workers’ super

The Turnbull government won’t say if it backs a call for it to assume control of billions of dollars in workers’ compulsory superannuation contributions now being managed by banks and industry funds

  • Australian Associated Press
  • Herald Sun

Former treasurer Peter Costello is critical of the way default funds are being run and wants a new government agency to instead invest the money

PeC 2bAbout $2.3 trillion in workers’ super is sitting in private accounts as part of the former Keating government’s compulsory superannuation system and is expected to earn $23 billion in fees.

“There is a fair argument that these compulsory payments should be allocated to a…

He suggested Canada’s Pension Plan Investment Board offered a…

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