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Australia’s compulsory superannuation system is incredible for fund managers.
Whether you are are a financial wizard at managing other people’s money or terrible, it doesn’t matter. Because nearly 10% of every dollar earned by Australian workers is funneled into a super account each and every year, thus ensuring an ever-growing pool of funds under management to glean fees from.
It has also provided a honey pot of money for pet projects like the New Daily website – a loss making news venture established in 2013 by industry super funds.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.