There is little that annoys the Australian business community, its media spruikers and the Liberal party more than being shown how badly they perform. The best example of this is the superannuation industry where once again it has been revealed that industry funds have comprehensively outperformed those run by banks. Little wonder then that instead of attempting to improve, the business community is instead crying foul and trying to destroy the entire system.
This week, superannuation research house Chant West released the results of fund performances over the 2017-18 financial year. And yet again the news was not good for bank-run retail funds.
Why is the super system broken? – Australian politics live
Not one of them made the top 10, and industry funds once again dominated. The best performing fund was Hostplus, which is mainly for employees in hospitality and tourism.