In unveiling his “purpose of super” reforms, never once did the phrase drop from the treasurer’s lips.
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In assessing the appropriateness of how the custodians of Australian workers’ retirements spend or invest that money, there’s a world of difference in the distinction. A superannuant might benefit in a moral sense from their super fund’s sponsorship of worthy causes, while pointedly losing in a financial sense from the sheer expenditure. And then, there’s the risk of less-than-worthy causes!
This is, for now, a mere hypothetical. Treasury’s consultation paper on Chalmers’ reform made clear these would in no way override the financial interest duty. But the paper did muddy the waters by referring to “best outcomes” in the executive summary.at the “financial interest” duty. Chalmers on Monday described this as looking at removing “unintended consequences”.
Something for the crossbench to consider, perhaps, whenever they’re asked to green light legislation weakening it.
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