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Industry funds hit back as government takes aim

Industry funds hit back as government takes aim
By Jotham Lian
22 March 2017 — 1 minute read

Industry Super Australia (ISA) has hit back following a swing from the government, saying that banks are pressuring politicians to shake up protective superannuation laws.

ISA released a ratings report that shows industry super funds outperformed bank-owned retail funds, by more than 2 per cent in some cases.

According to the February SuperRatings numbers, industry super funds in the SR 50Balanced Option have consistently outperformed bank-owned retail super funds through the decade – by 2.02 per cent over three years, 2.16 per cent over five years, 2.05 per cent over 7 years and 2.21 per cent over 10 years.

The results were released on the back of a new ad by ISA that likened the big four banks to foxes raiding a hen house.

Minister for Revenue and Financial Services Kelly O’Dwyer was quick to deny suggestions that changes to the default super model were in the pipeline.

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