The federal government’s controversial Your Super, Your Future bill passed the Senate today with support from the crossbench, despite significant concerns from workers in industry funds about the consequences of the new laws.
The government purports the new laws will save workers $17.2 billion over the next decade; however, Australian Council of Trade Unions (ACTU) Assistant Secretary Scott Connolly said the laws were an attack on the retirement system.
The laws expose workers to being ‘stapled’ to underperforming funds for life and being underinsured when working in high risk industries.
