The Coalition’s signature superannuation reforms will cement the power of a few large industry super funds the government has previously accused of bad behaviour, as senators consider whether underperforming funds should be allowed to benefit from the proposed changes.
The funds are set to benefit from the proposed “stapling” law designed to get rid of duplicate superannuation accounts that will have workers’ first super fund follow them as they move from job to job.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com