Major blow for Bill Shorten on super

[silverfaun]

Bill's 2 mates parachuted into their plum job just before the election has seen him  suffer an major embarrassment.

Well done to rid us of all the Labor union mates placed in these plum positions.  Jobs for union mates to oversee where your money can be placed?? please it's like putting the fox in charge of the hen house.

THE Labor regime to oversee $10 billion in annual retirement savings has been thrown into disarray by a shock ruling from the federal workplace umpire to sideline two key advisers over conflicts of interest.

Fair Work Commission president Iain Ross has ordered the two expert panel members to step aside in a verdict described last night as a “major embarrassment” for Bill Shorten, who appointed them just before last year’s federal election.

Heeding industry complaints, Justice Ross removed Vicki Allen and Stephen Gibbs from a sweeping review of superannuation funds because “there would be or could be a conflict” over their private interests.

The decision leaves a single expert adviser, Arthur Apted, to carry out the review this year amid renewed calls for the Abbott government to scrap a regime that lets the industrial umpire choose the funds that collect the employee savings.

http://www.theaustralian.com.au/national-affairs/policy/super-panel-ruling-blow-to-bill-shorten/stor...

[icyfroth]

silly billy

[lakeland27]

more like a major non-story. 

the abbott govt strategy is clear , smear to cover up hopeless ineptitude on job creation .. which in their case is job destruction.

attempting to make the public fear shorten is a strategy i think will fail, the public fear for their jobs under these guys.

[boris1gary]

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@lakeland27 wrote:

more like a major non-story. 

the abbott govt strategy is clear , smear to cover up hopeless ineptitude on job creation .. which in their case is job destruction.

attempting to make the public fear shorten is a strategy i think will fail, the public fear for their jobs under these guys.

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"At stake is the right to manage more than $10bn in annual super contributions by winning Fair Work approval to be named as the default fund in workplace awards for millions of workers".

that's from the same article c&pasted from the australian, how this is a blow to Shorten is unknown to me. More than likely it will turn out to be a blow for those workers whose super is involved. The c&p also left out the part about the 2 "parachuted" (sigh) are highly respected in the financial service industry and obviously it is better to have 3 involved in such decision making rather than 1.

[lakeland27]

the story is from the australian after all. this stuff is their standard fare .. they write these articles the readers don't or can't comprehend fully for the usual reasons.