LABOR WILL END SUPER FUND RELIGIOUS DISCRIMINATION

Labor believes Australians of faith should be able to invest their super contributions according to their conscience.

That’s why we’re announcing we’ll remove discrimination against religion-based super funds contained in the Morrison Government’s Your Future, Your Super legislation.

If elected a Labor Government will allow APRA to take into account the religious affiliation of a super fund when applying the recently-introduced performance benchmark.

Labor believes super funds must be required to deliver the highest possible returns to members, thereby ensuring the biggest possible account balance at retirement.

We also believe in a diverse superannuation market that allows Australians to make choices about how their money is invested.

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In a perfect world, high performance and breadth of choice would be in harmony.

But we know in the real world that is not always the case.

Some Australians of faith don’t want their money invested in companies associated with, for example, gambling, alcohol or military hardware.

Yet under current rules their super fund could be shut down because they cannot invest in such businesses.

By requiring APRA to take account of religious obligations when applying performance benchmarking, Labor will deliver a system that’s right for all Australians.