Superannuation Body Will Become the ‘Lexcorp’ of Australian Economy: Senator

Super funds would work together for the interests of the funds themselves rather than the members for the funds, Mr. Bragg said.

Australian Liberal Senator Andrew Bragg reacts in between divisions in the Senate chamber at Parliament House in Canberra, Australia, on Feb. 9, 2023. AAP Image/Lukas Coch

A small but powerful group of superannuation funds are becoming a dominant force in the Australian economy and would have a major impact on the country’s retail investors, an Australian senator has warned.

The comment came in response to the creation of the Super Members Council (SMC) of Australia in September, 2023, a lobby and policy body formed by eight of Australia’s biggest super funds.