The financial regulator has stepped up scrutiny of the superannuation industry after a co-ordinated attack on some of the country’s largest funds exposed serious cybersecurity weaknesses.
Major industry super funds and the largest retail superannuation brand owner,Insignia,have been compromised by hackers who have stolen about $500,000.
The corporate watchdog has blasted top superannuation executives for failing to prioritise grieving families when paying out their members’ death benefits.
Australian super funds’ expenses swelled to almost $13 billion last financial year,including a $500 million splurge on an advertising and sponsorship blitz.
Moonee Valley has asked rival clubs to bid for the 2026 Cox Plate as the club prepares for major on-site surgery. They are determined to retain the course’s amphitheatre and the intimate feel of the venue.
Industry super funds are calling for tax and planning changes from all levels of government,so they can invest in the nation’s new energy networks.
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Since the start of the pandemic,more members of Hostplus super have been investing directly in shares through the fund.
Industry super fund Hostplus has won a prestigious industry award despite eking out a return of just 1.6 per cent for the past year.
Controversy surrounds the valuation of unlisted investments,such as airports and ports,held by superannuation funds,and whether the valuations can be trusted.