Your super may be funding Labor’s broken promises

Your retirement funds may be benefiting Labor

Industry superannuation funds are great if you are a member of one. Low administration fees, focused on returns for members, and in some industries, still part of an anachronistic, closed-shop union deal.

My latest article in the Spectator Australia considers the inequity of industry super indirectly funding Labor. Given the series of broken promises, some industry super fund members are right to be upset.

In the Morning Double Shot newsletter, Terry Barnes had this to say:

Michael de Percy is right: politically, compulsory superannuation was intended first and foremost to give Labor’s union allies rivers of gold to exploit to the hilt, including returning at least some of that gold to the ALP itself. When it comes to looking at the Prime Minister’s prattling purveying of perfidy in respect of the legislated stage 3 tax cuts, and what they mean to those union allies and their ALP affiliations, the political Ponzi scheme that is industry super funds control of your money must be targeted for destruction by the next Coalition government, whenever that may be.

In the Unfiltered newsletter, Alexandra Marshall had this to say:

Michael de Percy has written a piece this morning pointing out that your super money is funding the Labor Party – whether you like it or not. While I disagree with him on the merits of super, his insights into how it is being abused and manipulated are well worth the read.