The TWU and CFMMEU will take a joint resolution to the ALP national conference next month to “turf banks out of superannuation”.
The Unions are demanding legal and structural change to lock for-profit companies out of the $2.7 trillion super system, following revelations from the Banking Royal Commission.
Click here read why TWU National Secretary Michael Kaine and CFMMEU National Secretary Michael O’Connor believe bank profits and super savings are hopelessly conflicted and why it’s time to get them out of super.
The reality is, with key living costs rising much faster than inflation or wages and growing casualisation, few workers are saving extra and you need as much super as possible. And those stuck in retail funds are currently losing tens of thousands of dollars over a working life.