On Monday 23 September 2019, Hans van Leeuwen published an article, in the Australian Financial Review, that he wrote in London, entitled: Sovereign wealth fund to fix super: Tuckwell. He says: “The fundraising side of the superannuation system that Keating put in place is terrific. In other words, you force people to save money. But the investment side was never done properly.” “Billions and billions of dollars a year are being sucked out of the Australian superannuation pot by service providers in one form or another,” he says. Tuckwell is calling on the Morrison Government, or Future Fund chairman Peter Costello, to set up a Singapore-style option.
This cuts across the bows of Peter Costello eschewing any role for Australia’s Future Fund, in establishing a default superannuation fund, for those who don’t chose a fund.
See below for the whole article.