CFMEU National Construction Secretary, Dave Noonan, has called out the Morrison Government for betraying construction workers across the country by doing a dirty deal on superannuation.
Changes to superannualtion regulation pushed through parliament by Scott Morrison and Josh Frydenberg means some workers in construction may not be covered by the death and permanent disability insurance they need in a hazardous industry.
“Morrison and Frydenberg’s superannuation changes will tie workers to one fund for life and mean people will enter construction without the tailored insurance they need in a high-risk industry,” said Dave Noonan.
“Young workers who move into construction from other industries could be tied to a fund with junk insurance or no insurance, leaving them without appropriate coverage in a hazardous industry like construction.”
“Construction industry super funds like Cbus are tailored for this high-risk industry, which is why workers choose them.”
“This includes offering tailored death and TPD insurance that give workers and their families certainty and protection if they are injured or killed at work. Workers should be confident that the insurance they have through their super fund is appropriate for the work they do and covers them if they are injured on the job.”
Australian workers should be able expect the government to have their back when it comes to forcing super funds to put the interests of their members ahead of their own profits. Instead, the Government’s super changes will leave many workers worse off or carrying unresonable risk, while retail Super funds make even more money.
“Morrison and Frydenberg have done a dirty backroom deal with the retail super funds that put profits ahead of people and which have a long history of high fees, low returns and poorer outcomes for members,” Dave Noonan said.
“Australians were shocked by revelations at the Banking Royal Commission which showed bank-backed for-profit retail super funds were charging fees to dead people, gouging huge profits off their members, and denying workers insurance coverage when they were entitled to it.”
“Instead of cracking down on the shameful behaviour of these funds, Morrison and Frydenberg are giving them a leg up and selling workers out by tying them to low performing funds that put profits before people.”
“It’s shameful.”