Following former treasurer Peter Costello’s recent call for compulsory superannuation contributions to be taken out of the hands of bank-run retail super funds and union-backed industry super funds, who are gouging members with excessive fees, and instead be invested in a government-run fund, the man who initiated compulsory superannuation, Paul Keating, has told the Government to butt out. From The Australian:
Paul Keating, has warned against the government wresting control of default contributions from the private sector, saying it would probably be a temporary move before a monopoly was sold back to the public…
