Costs are coming down: super funds

The superannuation industry sprang to its own defence in response to cost criticisms.

The Australian superannuation industry sprang to its own defence yesterday in response to the Grattan Institute’s weekend attack on its excessive costs, entitled “The $10 billion Super Sting’’.

The institute said Australians were paying $20bn a year to manage their super, about twice what they should be, because of a number of issues including poor design.

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