Industry Super Australia Explained

Industry Super Australia
Type:Peak organisation
Founded:2006

Industry Super Australia (ISA) is peak body for industry super funds in Australia.

It has 15 industry super funds as members,[1] which between them hold 5 million accounts.[2]

Not every industry super fund is a member of the peak body, but most are, including Australia's largest industry funds such as AustralianSuper, CBUS, HESTA, and HostPlus.[3] Some funds unaffiliated with ISA still refer to themselves as 'industry super funds' for historical reasons.

The body styles itself as "a research and advocacy body for Industry SuperFunds", which aims to make the most of the retirement savings of the individual members of its member funds.[4]

, the Board of ISA is chaired by Greg Combet and includes representatives from industry super funds, former (mostly Labor) state and federal ministers, and the ACTU Secretary, Sally McManus.[5]

Advertising campaigns

ISA manages collective projects on behalf of its member funds, including research, policy development, government relations and advocacy, as well as coordinating the Industry SuperFunds Joint Marketing Campaign. The campaign is responsible for a number of prominent advertising and marketing campaigns, including the long-running “Compare the Pair” television and press campaign,[6] which has run multiple iterations over many years, has achieved household recognition throughout Australia. The campaign is currently in its 3rd generation.[7]

The "From little things" campaign used Paul Kelly and Kev Carmody's song "From Little Things, Big Things Grow"[8] from September 2009[9] [10] until the end of 2014. After that, the Ben Lee song "We're All in This Together" would be used.[11]

Consolidation of accounts

In September 2018, ISA arranged a deal by 19 industry super funds to consolidate superannuation accounts of all of their members. Involving half a million inactive accounts containing few funds, it is estimated that it may collectively save its members around a year in what they would otherwise pay in fees and life insurance premiums. All members of ISA, as well as REST, Equipsuper and First State Super, have signed up to the deal.[12]

All inactive accounts containing less than are now automatically rolled into a central pool, managed by a specialist fund called AUSFund. If any active accounts exist for the member in question with any of the funds, the money in the inactive account is automatically transferred into that fund.

Submissions and representations

Since ISA’s inception, it has made submissions to government on a number of superannuation-related topics, including:

See also

Notes and References

  1. Web site: Cockburn . Gerard . 24 July 2020 . Super funds calling for transparency from government . 6 September 2020 . NewsComAu.
  2. Web site: History . 6 September 2020 . Industry SuperFunds.
  3. Web site: About .
  4. Web site: Industry Super Australia . 16 February 2018 . Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018: ISA Submission . 6 September 2020.
  5. Web site: 16 April 2020 . Our board . 6 September 2020 . Industry Super.
  6. Web site: Industry Super set to launch new 'Compare the Pair' campaign . 6 September 2020 . Industry Super Australia.
  7. Web site: 2017-08-14 . Industry Super Unveils New 'Compare The Pair' Campaign . 2019-08-28 . B&T . en-US.
  8. Web site: What happens when real people meet the finance system . 6 September 2020 . Industry Super Australia.
  9. Web site: 3 September 2009 . From little things, big things grow . 6 September 2020 . Campaign Brief.
  10. Web site: Taylor . Mike . 30 August 2009 . Industry funds launch new ad campaign . 6 September 2020 . Money Management.
  11. Web site: Jones . Steve . 23 October 2014 . Industry Superfunds kills off 'From Little Things' ad campaign soundtrack after five years . 6 September 2020 . Mumbrella.
  12. Web site: Fernyhough . James . 10 September 2018 . Industry funds strike deal to solve multiple accounts problem . 6 September 2020 . The New Daily.
  13. Web site: Financial System Inquiry . 2015-08-21 . fsi.gov.au.
  14. Web site: Review into the Governance, Efficiency, Structure and Operation of Australia's Superannuation System . dead . https://web.archive.org/web/20150319114941/http://www.supersystemreview.gov.au/ . 2015-03-19 . 2015-08-21 . www.supersystemreview.gov.au. Dead Link
  15. Web site: Senate Standing Committees on Community Affairs – Parliament of Australia . 2015-08-21 . www.aph.gov.au. Obfuscated by Age
  16. Web site: Trowbridge Report . Financial Services Council. Dead Link
  17. Web site: Senate Economics Legislation Committee – Parliament of Australia . 2015-08-21 . www.aph.gov.au. Obfuscated by Age

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