Labor is winding back reforms meant to hold super funds accountable to their members

Who could even question a requirement that super funds act in the best financial interests of their members?

Labor’s new assistant treasurer Stephen Jones, that’s who.

While the treasurer himself has been working on Thursday’s major economic statement, Jones has asked the treasury to consider concerns relating to the “regulatory complexity” of a requirement that funds act in their members’ best financial interests — a requirement that on the face of it is straightforward.

Oddly, he titled the announcement “Review to strengthen super” — a title he might need to rework if the review finds the duty should be weakened.

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