Media Centre

Labor's Multinational Tax Bill will harm their own housing targets, with poorly designed rules set to reduce investment in Australian housing.

Industry super funds gave almost $40 million to unions and Industry Super Australia for marketing and ad campaigns last year, raising concerns about the use of members' money.

Senator Bragg discussed super fund payments, revealing almost $40 million given to unions by large super funds last year. He highlighted concerns about transparency and the need to protect workers' interests.

Major super funds will become the dominant players in Australia's economy, potentially impacting retail investors significantly. The emergence of these "Lexcorps" highlights the need for reforms to protect the interests of small shareholders in major transactions involving super funds.

Labor is attempting to weaken consumer protection laws in the super industry through a second review, led by Wayne Swan and supported by Treasurer Jim Chalmers. This move aims to undermine the Best Financial Interests Duty, despite previous confirmation from Treasury that no changes were needed.

The Senate has released its final report on the Big Tech Inquiry, highlighting the need for new regulations to address the influence of major tech companies on the economy and society. Recommendations include establishing a standalone regulatory body and implementing measures to promote competition and transparency in the tech industry.

Senator Bragg discussed a proposal to allow Australians to use their super to reduce mortgage interest, aiming to increase home ownership and financial flexibility. The plan involves opening up the super system to provide more control over personal finances.

The Senate has voted for a new Inquiry to review insurance alignment with Australians' expectations, including exploring aged care insurance and improving customer experiences. The Inquiry aims to address rising complaints about super funds' death benefits and ensure the insurance industry is prepared for Australia's future.

Proposal to explore using super to offset mortgages in Australia to ease mortgage stress amid rising interest rates due to Labor's economic policies. All options, including utilising super, should be considered for immediate relief.

Senator Bragg discusses the need for regulators to enforce existing laws in the superannuation industry to prevent funds from withholding money, highlighting the importance of a Senate inquiry for transparency and accountability.