I know that many readers were keen to know how the 3 super funds behind The New Daily could justify their investment in an online news website.

AustralianSuper explains - it's categorised its contribution as promotion and advertising.   That means the money is expensed in the super fund's P and L as it's spent, giving the super fund no holding or carry value in the shares it owns in The News Daily.   I'd love to hear some professional opinions about it - and wouldn't it be lovely to be in that position of just expensing a couple of million bucks as marketing costs!

Dear D,
Thank you for your inquiry about AustralianSuper’s involvement with The New Daily.
 
The funding of AustralianSuper's interest in The New Daily is as an item in the Fund’s communications and marketing budget, rather than an investment within the Fund’s portfolio.
 
The New Daily places a strong emphasis on providing clear, relevant and practical personal finance content. AustralianSuper sees this vehicle as a way of providing members with a source of daily, independent news as well as clear and relevant information on personal finance that will help to build their understanding of personal finance and superannuation issues.
 
As a fund with over 2 million members we are always looking for effective ways to engage with our members and encourage them to increase their understanding of super to help them make good decisions about their retirement savings.
 
AustralianSuper’s support of The New Daily does not represent any additional cost to members.  The Fund’s marketing and communication costs are funded by the $1.50 per week administration fee.
 
Yours

Super Administration