Not before time - we've been calling for action on this for 5 years!
And 2 years ago we asked Steve Bracks how the "sole purpose test" was met by his fund financing a union rag - no answer your worship
Here's part of Richard Gluyas's report in The Australian.
Banking royal commission scrutiny looms for industry super-backed The New Daily
The odds are shortening that The New Daily — a small online publishing project backed by the industry superannuation fund network — will soon blast into the public consciousness in a way that belies its position as a peripheral media player.
The word on the street is that the free news site, which is published by a company associated with media entrepreneur Eric Beecher, has been targeted in the usual blitzkrieg of notices to produce documents ahead of the financial services royal commission’s public hearings on superannuation.
The hearings start on Monday.
The New Daily has generated controversy in federal coalition circles since it was set up in November 2013 as a joint venture between six industry funds.
In no particular order, they were AustralianSuper, HESTA, LUCRF, United Super, First Super and Cbus.
A restructure occurred about three years later, with an industry fund umbrella company, Industry Super Holdings, taking control of all 12 million shares in The New Daily for “nil consideration”.
Here's part of a letter from AustralianSuper to one of our readers D - first published by us on 15 November 2013!!!!!!!!!
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.