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Professor Nicholas Gruen from Lateral Economics has called for Australia’s superannuation system to be overhauled, labelling it a union “gravy train”:
“Unfortunately unions have turned the system into a gravy train for the retirement of their own officials onto boards,” Professor Gruen said.
“But if they could see the larger game, they’d end up with a better system – for those they represent. It would even be a better system for their own board positions – because it would manage a larger pool of savings!”.
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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.