AustralianSuper is an Australian

superannuation A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a "Defined benefit pension pla ...

fund headquartered in

Melbourne Melbourne ( , ; Boonwurrung language, Boonwurrung/ or ) is the List of Australian capital cities, capital and List of cities in Australia by population, most populous city of the States and territories of Australia, Australian state of Victori ...

, Victoria. It is an industry super fund, and so operates through a

mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...

structure. With over 340 billion of retirement savings under management and more than 3.4 million members, AustralianSuper is the largest superannuation fund in Australia and the sixteenth largest

pension fund A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides pension, retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the ...

in the world.

History

AustralianSuper was established on 1 July 2006 through the merger of Australian Retirement Fund (ARF) and Superannuation Trust of Australia (STA). Ian Silk, who was the

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

of ARF, became the CEO of AustralianSuper; while Mark Delaney, who was the CEO of STA, became the Deputy CEO and CIO of AustralianSuper. In June 2022, Labour Union Co-operative Retirement Fund (LUCRF) Super was merged into AustralianSuper. In September 2023, AustralianSuper invested $1.5 billion into Vantage Data Centres. Also in September, The Australian securities regulator issued a lawsuit against AustralianSuper, claiming the fund failed to uphold appropriate policies for identifying members who had multiple accounts. In November 2023, it bought significantly more shares in order to oppose a deal for

Origin Energy Origin Energy Ltd is an ASX listed public company with headquarters in Sydney. It is a major integrated electricity generator, and electricity and natural gas retailer. It operates Eraring Power Station, Australia's largest coal-fired power ...

, one of Australia's largest energy companies, to be bought by

Brookfield Renewable Partners Brookfield Renewable Partners L.P. is a publicly traded limited partnership that owns and operates renewable power assets, with corporate headquarters in Toronto, Ontario, Canada. It is 60% owned by Brookfield Asset Management. As of the end o ...

, potentially blocking the deal. This deal would have led to "a big transition, shutting down coal, getting rid of gas, (and) building up 14 gigawatts of wind and storage" which was more than the Commonwealth's renewable energy target. They felt the deal undervalued the company, despite it being higher than independent valuations, and also refused to join the deal. In January 2024, AustralianSuper raised its stake in lithium miner Pilbara Minerals and Endeavour Group.

Features

AustralianSuper offers a 'Member Direct' option, allowing users greater control in selecting a portfolio of Australian shares, ETF's, term deposits and cash. The member direct option was designed for the purpose of competing with SMSF options. The fund has a MySuper authority. The fund's trustee is owned jointly by the

Australian Council of Trade Unions The Australian Council of Trade Unions (ACTU), originally the Australasian Council of Trade Unions, is the largest peak body representing workers in Australia. It is a national trade union centre of 46 affiliated trade union, unions and eight t ...

, and employer

peak body A peak organisation or peak body is an Australian term for an advocacy group or trade association, an association of industries or groups with allied interests. They are generally established for the purposes of developing standards and processe ...

Australian Industry Group. AustralianSuper's asset portfolio is invested globally, and includes shares, transport infrastructure, office blocks, and shopping centres. The fund owns two-thirds of London's Kings Cross Central development.

Controversies

In 2021, the fund was criticised by the AFR for forcing subscriptions to

The New Daily ''The New Daily'' is an online Australian newspaper founded in 2013, and owned by Industry Super Holdings, which represents industry superannuation funds. History ''The New Daily'' was started by AustralianSuper, Cbus and Industry Super Ho ...

onto its members, unless opted out within one-month. The paper was designed and funded by the Industry Super Holdings. In 2022, the company launched a new digital platform including a new online portal and mobile phone applications. The updates were met with severe criticism as members were unable to access their accounts and were unable to get any answers from the customer support portals.

References

External links

* {{Official website Australian companies established in 2006 Financial services companies established in 2006 Superannuation funds in Australia

History

Features

Controversies

See also

References

External links