Looks like a profit to me
Outsider did not expect that a senate estimates hearing would be a source of entertainment and comedy but that’s where he found it one lazy Friday evening.
With his feet on the coffee table and a Pinot Noir in hand, Outsider turned on the radio to hear Liberal Senator Jane Hume and Labor’s financial services spokeswoman, Katy Gallagher engage in a lively debate while the Senate Economics Legislation Committee questioned the Australian Prudential Regulation Authority.
The subject at hand? The vernacular surrounding “not-for-profit” and “for-profit” super funds, with Hume asking whether “not-for-profit” truly reflected the bottom lines of said funds. Hume indicated she knew what she was talking about. She previously worked as a senior policy adviser at AustralianSuper before joining the Senate as a Liberal member.
“I do know that it is not a charity. Certainly, if you go to the car park of an industry superannuation fund, there are an awful lot of BMW X5s owned there by the senior executive,” Hume said, adding it was unhelpful vernacular.
A glance at the pay packets of industry fund CEOs would only serve to reinforce Hume’s views.
Perhaps ‘industry funds vs. retail funds’ were more helpful terms, she suggested.
Touché Senator!
AUTHOR
The Outsider
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