Much being made of big industry super funds being able to freeze payouts. But BT’s Westpac, one of all time worst performers (but still has almost 1m accounts +$60Bn) is riddled with caveats that it can freeze if it decides it’s in members’ (undefined) “best interests”. 1. #auspol

2. The one super fund worse than Westpac’s horrific BT is ANZ’s (now IOOF’s) One Path. It too can freeze redemptions whenever: having the power to “reject, defer or adjust” member withdrawals if IT decides doing so in your “best interests” (again, zero definition).

3. It’s standard across pretty much all funds. The breathlessness is because it’s given the retail/bank super funds (stealing your $$$) a chance to further their false narrative/3 decade campaign against the big industry/union+boss super funds (not stealing your $$$).

4. The govt $20k change is blessing to bank funds (no coincidence: big gov “donors”) because industry funds, doing the right thing, have more $$ in illiquid investments eg airports (“infrastructure”) and less in “cash”. Despite howling, overall portion not huge (black in graphic)

5. The bank funds have v. little in “infrastructure” - this is because they use a complex network of small “investment” accounts that fleece your super at every step through their system (called a “wrap”). If they bought an airport, say, it would be v hard to do this on the sly.

6. The banks also have loads in “cash” because they ruthlessly and relentlessly gouge those cash accounts. Eg BT makes every member have at least 2k in its cash account which has long paid just 1/5 (or less) of the actual market rate. The bank funds cover over this scamming...

7...and say the reason industry funds perform better is because they have more risky investments. This is blatantly not true, as 3yr gov. PC study resoundingly showed. Adjusting for risk (tiny, but insignificant, more in ind. funds) shows ind. funds still massively outperform.

8. Ind. funds just get the normal market returns. The bank funds steal vast amount of your returns in excess fees+charges (fees disclosed to you + not). Which is why they have so much $$$ to corrupt government (via donations/gifts/lobbying) and large sections of commercial media.

9. So the whole blow up right now is fuelled by vast vested interests. If some freeze, so be it - just temporary. But if you’re in big retail/bank funds (bottom, below) you’ll end up with half in retirement than if you’re in big 5 ind. funds (top). Rest just noise. End. #auspol