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.