SUPER EXPENSES BLITZ
The peak body for the $1.6 trillion superannuation sector launched a media blitz this week to “set the record straight”.
Stephen Jones has his eye on the super through.Credit:shakespeare
Senior media manager for the Australian Institute of Superannuation Trustees Gary West on Monday emailed letters to the editors of the Australian Financial Review, The Australian, Herald Sun and TheAge.
It was in response to a backlash following Assistant Treasurer Stephen Jones‘draft regulations to overhaul super laws that force disclosure of payments. Under the plan, super fund expenses will no longer be itemized, but displayed in aggregate.
Predictably, the move infuriated the super warriors, with Liberal senator Andrew Bragg quick to label the policy an attempt to hide money and union payments.
Pointy penned columnists were justifiably sent into a spin, with the super sector among the most impenetrable players in big finance.
But in the letter, AIST chief executive eve scheerlinck says there has been a misunderstanding. The current regime is actually onerous and avoiding “hundreds of individual line items” is better for accountability and member engagement.
This is a little hard to swallow, following the expenses scandal at EISS Super last year, where this masthead revealed outrageous sums had been spent on lavish parties, overseas junkets, questionable charity donations, luxury cars and non-disclosure agreements.
If there truly is a misunderstanding, West and Scheerlinck are going to have to do a better job of explaining it. Because super funds moaning about admin burdens and confused members to justify less transparency doesn’t quite cut it.
BEN MIGHTIER THAN THE FORD
Sydney’s favorite shock jock 2GB’s ben fordham filled the airwaves on Monday with the downside of ditching the cashless debit card and chocolate giant Mars’ apology to China after accidentally listing Taiwan as a country.
But he certainly did not write a 15-paragraph news story for Australian detailing Foreign Minister Penny Wong‘s response to China’s aggression.
For about 20 minutes, the website editors over at Holt Street got their Bens confused, when they listed Fordham as the journalist for the news story written by defense correspondent Ben Packham.
Eagle-eyed readers began emailing the paper to inquire about the mix-up. Is Fordham two-timing News and Nine, which owns 2GB and this masthead? The radio star said he was n’t aware of the byline bungle but is happy to take credit for Packham’s work from him, which he reads regularly.
“Can I invoice the OZ?” I have texted CBD.
For the salary Fordham’s on, you’d hope the Oz editors are more careful next time. It might just be their most expensive four-letter slip up.
Grollo’s day in court
You would think a property tycoon would know a thing or two about the importance of paying your loans on time.
Alas, Grocon Chief Executive Daniel Grollo must have skipped this class at business school and is now being sued by the Bank of Queensland for defaulting on his home loan.
The property identity stopped paying debts on his $12 million mortgage in February, a few months before Grocon went under, according to court documents filed last month.
Grollo’s company Grocon was behind Melbourne’s most iconic skyscrapers – the Crown, Eureka and Rialto Towers – and now the developer is focused on build-to-rents through a new company.
But he’ll have to find time in his busy schedule, fighting creditors and launching new projects, to prepare for his court hearing scheduled for August 26.
He’s being represented by Johnson Winter and Slattery partner Joseph Scarcella, who doubled up as a strategic advisor through Grocon’s administration.
It’s not the only court Grollo is preparing to face after launching a legal stoush with Infrastructure NSW over the handling of his waterfront projects in Barangaroo.
loading
Hopefully his court diary is better managed than his mortgage repayments, if the bank’s claims are to be believed.
Cut through the noise of federal politics with news, views and expert analysis from Jacqueline Maley. Subscribers can sign up to our weekly Inside Politics newsletter here.