Superannuation Body Will Become ‘Lexcorps’ of Australian Economy: Senator

Published on January 11, 2024

A small but powerful group of superannuation funds are becoming a dominant force in the Australian economy and would have a major impact on the country’s retail investors, an Australian senator has warned. The comment came in response to the creation of the Super Members Council (SMC) of Australia in September, 2023, a lobby and policy body formed by eight of Australia’s biggest super funds. These are AustralianSuper, Cbus, Hostplus, Aware Super, Australian Retirement Trust, UniSuper, REST, and HESTA. The lobby group—chaired by former health minister and attorney-general Nicola Roxon—consists of representatives of profit-for-member funds, non-voting directors from the Australian Council of Trade Unions, and employer groups....

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