Government's super changes a 'gift' to for-profit sector, industry funds claim

Peak body argues proposed changes give for-profit sector unfair advantage and could handcuff industry super'

The industry super sector has rejected Josh Frydenberg's Your Money, Your Super" package of changes to superannuation as a gift" to for-profit fund operators that will enable them to continue making billions in profits each year off dud retirement savings schemes.

According to Productivity Commission data, industry funds, which are run only for the profit of members, systematically outperform retail funds, which are run to profit financial institutions such as banks.