Former Liberal MP takes reins at industry super lobby group
Mr Collins will next week replace former Labor premier of Victoria Steve Bracks, who has been appointed Australian consul-general in New York.
Mr Collins is deputy chairman of ISN, which represents the non-profit superannuation sector and its estimated 5 million members. According to the latest figures, industry funds account for 20 per cent of Australia's $1.62 trillion retirement savings pool.
In his political life, Mr Collins served as minister for health, attorney-general and treasurer in the NSW Greiner/Fahey government, and as deputy leader and leader of the opposition before leaving Parliament in 2003. He is now a director of the industry super fund Hostplus.
The deputy chairman of the ISN will be John Brumby, Mr Bracks' successor as premier. Mr Brumby now serves on the Australian board of Chinese telco Huawei and as chairman of industry super fund MTAA Super.
ISN chief executive David Whiteley said Mr Collins and Mr Brumby had "held highly esteemed positions in public office and have a demonstrated commitment to our guiding principle of putting the interests of members first".
Mr Collins said Australia's super system was "the envy of the world, and should remain so. ISN will continue to provide much-needed leadership by standing up for our super system and safeguarding Australia's retirement savings."
ISN and retail lobby group the Financial Services Council, representing big banks and fund managers such as AMP, recently said they would put aside their differences and work to influence government policy on superannuation. The council is led by former Liberal politician John Brogden.
Retail, or "for-profit", funds have traditionally criticised the appointment of union representatives to industry funds. In turn, industry funds have pointed to their outperformance of retail funds over the long term and their lower fees.
The super industry has had some big wins in the past few years, including raising of the compulsory super guarantee to 12 per cent, self-managed super funds being able to borrow to buy property and pledges from Labor and the Coalition not to introduce changes to the taxation of super in the next term.
Frequently Asked Questions about this Article…
Peter Collins is a former senior NSW Liberal politician who will replace Steve Bracks as chairman of Industry Super Network (ISN). He is currently deputy chairman of ISN and a director of industry super fund Hostplus, and his appointment matters because ISN represents the non‑profit super sector and advocates for the retirement savings of about 5 million members.
Industry Super Network is a lobby group for the non‑profit or industry superannuation sector in Australia. According to the article, ISN represents an estimated 5 million members and industry funds that account for about 20% of Australia’s $1.62 trillion retirement savings pool.
The article states that industry super funds account for roughly 20% of Australia’s $1.62 trillion retirement savings pool, highlighting their significant role in the superannuation system.
John Brumby will be the deputy chairman. He succeeded Steve Bracks as Victorian premier, now serves on the Australian board of Chinese telco Huawei, and is chairman of industry super fund MTAA Super, according to the article.
ISN’s chief executive David Whiteley said both Peter Collins and John Brumby have a strong public‑office background and are committed to ‘putting the interests of members first.’ Collins said ISN will continue to provide leadership by standing up for the super system and safeguarding Australia’s retirement savings, suggesting ongoing advocacy for members.
The article notes that ISN and the retail lobby group Financial Services Council (which represents big banks and fund managers such as AMP) recently agreed to put aside differences and work together to influence government policy on superannuation.
The article says retail, or for‑profit, funds have criticized union representative appointments to industry funds, while industry funds point to their long‑term outperformance of retail funds and generally lower fees as key advantages.
Recent wins mentioned in the article include the planned increase of the compulsory super guarantee to 12%, allowing self‑managed super funds to borrow to buy property, and bipartisan pledges from Labor and the Coalition not to change the taxation of super in the next term.
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