Opinion

Cyberattack exposes Labor big super weakness

Cyber breaches and Donald Trump’s sharemarket rout have exposed further flaws in Labor’s compulsory super system and its union-aligned funds.

Michael StutchburyEditor-at-large

Apr 7, 2025 – 5.30pm

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Labor’s ho-hum reaction to the cyberattacks on the retirement savings of ordinary Australians just inflames concerns that the union-backed industry superannuation funds that are set to dominate the nation’s financial system are not up to the task.

Cyber vulnerability adds to failings in basic service standards for death insurance payouts and helping retired customers draw down their super nest eggs that have drawn stinging rebukes from the nation’s corporate cop.

Michael Stutchbury is editor-at-large. He is in his fourth decade of writing for and editing national newspapers. After nearly six years as editor of The Australian, he returned to the Financial Review as editor-in-chief (2011-2024).