This is what really scares ASIC about the First Guardian and Shield ‘catastrophe’
With the collapse of the Shield and First Guardian funds, Australia’s super sector has a huge test. What other similar cases are out there, waiting to blow up?
If housing is currently eating the economy, then it’s very clear what the next PacMan will be.
As Australian Prudential Regulation Authority chairman John Lonsdale says, the superannuation sector will soon be the largest part of the Australian financial system. Not only does that make this country unique, Lonsdale says, but it emphasises the role super plays as ballast for the economy.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
