Greens Treasury spokesperson, Senator Peter Whish-Wilson, says the Productivity Commission Report into the superannuation industry proves once and for all what the Greens have been saying for years – the super system is rigged in the interests of wealthy trustees and fund managers and needs a major overhaul.
"The super system has been operating for years in the best interests of the wealthy trustees and fund managers overseeing it and not in the interests of everyday Australians. Banks simply are not fit to be super trustees," Whish-Wilson said.
"This report clearly shows that the best thing you can say about the regulators who are supposed to be working in our interests, ASIC and APRA, is that they have been asleep at the wheel. We need a regulator who isn't in bed with the people it’s supposed to be regulating. It's time for a significant restructuring of financial services regulation and for the ACCC to step in to protect consumer interests.
“The Greens have made a submission to the current Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry advocating for such significant reform.
"The Greens agree that the problems outlined in this report are bigger than just the super system and that we won't sort this out until we have a proper inquiry into the whole retirement system, one that's not afraid to recommend the kind of bold reforms needed to finally put customers' interests ahead of corporate greed.
"The Greens will look closely at legislation when it is presented by either party and we will use our power in the Senate responsibly to reshape the superannuation system to benefit everyday workers,” he concluded.