The ACTU is the peak council of trade unions in Australia. It is an organisation to which registered employee organisations belong and is the public representative arm of those organisations in relation to dealings with the Australian Government on legislative change.
The ACTU was instrumental in the creation of occupational superannuation in the 1980’s, a development which arose from the negotiation of Accords between the ACTU and the then Labor Governments. This development not only involved establishing both Award and Superannuation Guarantee Charge contribution regimes, but also the development of a network of industry superannuation funds into which contributions were made. Those funds remain the substantive part of default superannuation arrangements in Australia.
The ACTU therefore has a keen interest in legislation which relates to the operation of and the governance of superannuation schemes. It is in this context that we make the following submission in response to the Exposure Draft and Explanatory Memorandum on the Treasury Legislation Amendment (Improving Accountability and Member Outcomes) Bill 2017.