Analysis of annual APRA data shows that over the 10 years to 30 June 2016, industry super funds have delivered returns to members of 5.4 per cent, compared to retail and bank-owned super fund returns of 3.6 per cent, ISA said in a statement.
For public offer funds with reported 10-year returns, 13 of the top 15 are industry super funds, while all 15 of the bottom 15 performing public offer funds are retail funds, the statement said.
ISA chief executive David Whiteley said ISA analysis of the APRA figures underscored the absurdity of changing super laws to suit the vertically integrated business models of the big four banks.
“These performance figures are a timely reminder of the need to place public policy imperatives ahead of the commercial imperative of the banks,” Mr Whiteley said.
“Handing the default super system to the banks could ultimately mean many Australians will be forced to work longer or retire with less.”
When there is full reporting transparency on real returns measured exactly the same as a fully transparent retail funds, not the smoke and mirrors of the ‘alternate’ or ‘unlisted’ assets that are [b]internally[/b] valued at long convenient intervals – not to mention the mismatch of more aggressive allocations in ISA funds, compared to terminology used in retail funds – only then can the ISA use this as any basis[i] [b]if[/b][/i] they out perform. Otherwise it is utter bs, as the professionals know…
And ranga Whiteley knows all about absurdity, his supposed ‘analysis’ and statements are testament to the fact, After all, his organisation is the pinnacle of vertical integration,,,
How convenient for the union PR machine that the commercial super funds with 10 years plus perf history are the old style funds with advice fees built in, rather than unbundled. It’s just another union deception scam of comparing apples with oranges. That’s why the union PR hacks focus so much on 10 year performance these days. The current generation of commercial funds are actually quite competitive on both costs and performance when compared on a true apples to apples basis with union funds.