Industry Super represents 15 industry funds,including AustralianSuper,CBus,HESTA and HostPlus,that collectively hold the retirement savings of 5 million members. Since June,HESTA,CBus and UniSuper have all revealed plans to cut carbon emissions to zero by 2050.
"Some of these funds have got very big and very influential and they seem to forget their job isn't to rebuild the economy or create jobs or reframe the climate debate or require industrial relations changes at companies they invest in,"Senator Hume said,adding the industry super sector accounted for about 40 per cent of accounts in the $3 trillion superannuation system.
TreasurerJosh Frydenberg said in June that retail and industry super funds should take a bigger role in local infrastructure investments. Industry Super and several fund CEOs responded by saying stable policy settings,including around the super guarantee rise,would be needed to ensure long-term investments could be made.
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Industry Super chief executive Bernie Dean said he wanted to talk to the government about how to build a better future for members,but"instead of projects,pipelines and partnerships we're getting petty point scoring"and"name-calling".
He said the sector had advocated for reforms to drive down fees and end conflicted remuneration models and would"not stop".
"We have supported the Prime Minister,Treasurer and assistant minister in their repeated promises on super and we want to work with them to get sensible changes up that will boost member savings,get the economy moving and stop that ticking time bomb of our ageing population,"he said.