The Australian right has long dreamed of fully privatizing workers’ pensions. Now that one of the world’s largest investment firms is moving into Australia’s superannuation market, their dream may be realized. To protect workers’ retirement, we need to democratize super funds.
Robert Lechte is a welfare-state advocate living in Melbourne.
Australia’s compulsory superannuation system has made us all shareholders in a vast financial investment industry worth almost $3 trillion. These collective funds are enormously powerful, yet when it comes to retirement, lower-income earners are left with all too little in their hands.