Turnbull government uses millions of super accounts to boost budget


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They argue that with the recent budget measures to abolish fees and insurance on low-balance accounts, members may be better off leaving their super in inactive accounts earning 6 per cent per annum compared to the 2 per cent they will earn in line with inflation when the government seizes them.


But the government remains concerned that left to their own devices, many of the accounts will never be reunited, after a damning report from the Productivity Commission found this week that millions of Australians were being gouged by fees, insurance premiums and underperforming funds across the sector.


It’s understood that Financial Services Minister Kelly O’Dwyer has had to personally write to super funds accused of delaying transfers to other funds.


“For too long too many superannuation funds have stood in the way of Australians consolidating their multiple superannuation accounts,” she said. “Instead they would rather see these accounts depleted through fees and charges, even sometimes to zero.”


The escalation comes as Labor faces a looming internal battles over its refusal to back calls for independent directors to be appointed to union-affiliated super boards, potentially excluding those funds from a future top 10 list over governance concerns.


Article source: http://watoday.com.au/lifestyle/celebrity/celebrity-news/prince-harry-says-no-royal-wants-to-be-king-or-queen-20170622-gwwskl.html

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