KEY PLAYERS in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on Friday.

Committee Chair Tim Wilson said Friday’s hearing would provide an opportunity to ask questions about superannuation funds’ response to COVID-19.

“Before COVID-19 we have been scrutinising the super sector to ensure they’re putting members and their interests first, and the significant number of Australians who have accessed their super during the pandemic highlights the need for the sector to be there when Australians need them," Mr Wilson said.

“The scrutiny the Economics Committee has applied to the sector has led the government to propose welcome reforms to ensure that funds are acting consistent with member’s best interests.

“Similarly, it is important that the sector is not using its leverage to achieve interests not aligned with financial returns for members, such as needless advertising for a compulsory product or to intimidate listed companies to be participants in public debate.

"I’m looking forward to exploring this topic further, as particularly in times like these it is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members."

The hearing forms part of a broader review of Australia’s four major banks and other financial institutions. Examination of these institutions will also include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

A full program for the hearing is available on the committee’s website.

Public hearing details

Date: Friday, 6 November 2020
Time: 10.30am to 4.45pm
Location: Videoconference

The hearings will be broadcast live at aph.gov.au/live.

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SUPERANNUATION funds are increasingly offering members exchange traded funds to diversify their portfolios at low cost and enter into overseas markets. Overseas equities now have the highest allocation at about 25 percent.

But this is harming the sector charged with incubating our companies of the future, according to Stoic Venture Capital partner Dr Geoff Waring said Australian startups were being held back by the new strategies of superannuation funds, such as the drive towards exchange traded funds and overseas equities.

“Superannuation funds have been increasing their allocation to exchange-traded funds as they are easy to invest in,” Dr Waring said.

“This has facilitated greater diversification including towards overseas technology indexes and higher-growth investment opportunities en masse which has benefited members.

“However this is having a negative impact on Australian small cap shares not in the ETF indices, which are losing billions of dollars of potential investment to large cap and overseas companies. The trend of mergers between more superannuation funds will deepen this impact.”

Dr Waring said the use of exchange traded funds was undermining the establishment and growth of early-stage startups and would ultimately harm Australia’s economic future.

Superannuation funds should diversify more into small cap fund managers and venture capital managers to finance domestic growth industries as well as increase benefits to their members.

“Less investment into smaller, younger Australian companies will have the corollary effect of harming the future development of our economy and the provision of new employment opportunities,” Dr Waring said.

“It ignores the higher returns selected venture capital managers could bring to the superannuation industry.

“Superannuation funds could be earning more through longer-term venture capital investment than compared with today’s short term public equity markets.

“This is particularly the case for industry-focused superannuation and specialised venture capital funds which are committed to the same vision – creating a better future for their industries and their members.”

About Stoic Venture Capital

Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. We are unconditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP). We take a collaborative approach to investing in the highest potential companies. www.stoicvc.com.au

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THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has received a letter from the Minister for Home Affairs agreeing to its suggested Terms of Reference for an inquiry into national security risks affecting the Australian higher education and research sector with a requested reporting date of July 2021.

The Parliamentary Joint Committee on Intelligence and Security (the Committee) will inquire into and report on National security risks affecting the Australian higher education and research sector.

In considering national security risks to the sector, the Committee specifically seeks information on:

1. The prevalence, characteristics and significance of foreign interference, undisclosed foreign influence, data theft and espionage, and associated risks to Australia’s national security;
2. The sector’s awareness of foreign interference, undisclosed foreign influence, data theft and espionage, and its capacity to identify and respond to these threats;
3. The adequacy and effectiveness of  Australian Government policies and programs in identifying and responding to foreign interference, undisclosed foreign influence, data theft and espionage in the sector;
4. Responses to this issue in other countries and their relevance to the Australian situation; and
5. Any other related matter.

A full terms of reference are available online here

Chair Andrew Hastie MP, said, “We are going to examine the question of foreign interference in the Australian higher education and research sector. The committee will engage with a wide variety of stakeholders in this sector as well as appropriate national security agencies.”

Submissions are requested by 4pm, Friday December 18, 2020. Further information about making a submission to a parliamentary committee inquiry is available here. 

A dedicated email address has been created for this inquiry, all email correspondence including submissions should be sent to This email address is being protected from spambots. You need JavaScript enabled to view it.

Further information about making a submission to a committee inquiry can be found at the following link.

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INVESTMENT FIRM JP Morgan and technology tertiary institution RMIT both took home the award for LGBTQ Employee Network of the Year at the 2020 Australian LGBTQ Inclusion Awards held recently at the Hyatt Regency in Sydney.

The 2020 Australian LGBTQ Inclusion Awards is Australia’s leading annual celebration of LGBTQ workplace inclusion. It is hosted by ACON’s Pride Inclusion Programs, the national not-for-profit LGBTQ inclusion support program for employers, sporting organisations and service providers.

Usually held in May, the awards luncheon was re-scheduled due to the coronavirus pandemic. A number of awards have already been presented at a previous virtual event in earlier in the year.

Among the awards announced were individual honours for LGBTQ inclusion including Executive Leadership (Alicia Albury, Maddocks), Network Leader of the Year (Ben Brown, QBE and Nathan Eastwood, Clifford Chance) and Out Role Model of the Year (Cathy Gassick, Australian Federal Police).

RMIT University was also recognised for its work in trans and gender diverse inclusion. This follows RMIT being named Employer of the Year at the preliminary awards announcement earlier in June.

The awards are based on the results of the Australian Workplace Equality Index (AWEI) – which is now in its 10th year – and the second Health and Wellbeing Equality Index (HWEI). The AWEI and HWEI are rigorous and evidence-based benchmarking tools that annually assesses workplaces in the progress and impact of LGBTQ inclusion initiatives.

The awards also coincide with the release of Australia’s largest annual LGBTQ Inclusion Report that assesses the views of Australian employees from a wide variety of industries on LGBTQ inclusion initiatives within their workplaces and sports. This year the report features over 33,000 responses from employees and around 600 people involved in sport.

Dawn Hough, director of ACON’s Pride Inclusion Programs, said she was excited to have been able to share all of the results of the indices and the wonderful achievements of various organisations in LGBTQ inclusion.

“This year marks an important milestone for the AWEI, as it celebrates its 10th anniversary. Over the past decade, we have seen incredible advancements in workplace diversity and inclusion. As we progress further, it remains critical that not only efforts are acknowledged and congratulated, but pressure continues to be applied to maintain and build upon what has been achieved,” Ms Hough said.

“The employee survey that accompanied the AWEI elicited an incredible response, which underscores the importance of LGBTQ inclusion in the workplace.”

Highlights from this year’s survey results include significant support for LGBTQ inclusion amongst c-suite leaders within participating organisations; the visibility and positive impact of allies and LGBTQ inclusion on organisational culture in the workplace; and that LGBTQ inclusion training should be mandatory for all managers.

Discouraging findings included less people feeling comfortable to be out at work, with two of the main reasons being that it would not be accepted by some members of their team, or simply not being comfortable enough within themselves to be out at work.

Ms Hough said, “The report also shows that LGBTQ people continue to be the target of negative commentary and innuendo as well as more serious bullying and harassment. So even as we have taken some big steps forward in improving inclusion within workplaces over the past 10 years, these results indicate that there is much more to do and no organisation can afford to become complacent in ensuring all Australians are free to be their true selves at work.

“Congratulations to all the recipients of the tiered awards announced today, including those the received Bronze, Silver, Gold and Platinum status, as well as those that received organisational awards. I commend all of them on their significant achievements and for showing great leadership in LGBTQ inclusion.” 

Pride in Diversity is part of Pride Inclusion Programs, a suite of social inclusion programs delivered by ACON, Australia’s largest LGBTQ health organisation. Pride Inclusion Programs also includes Pride In Sport and Pride in Health+Wellbeing.

“In 2020, Pride in Diversity celebrates its 10th year. After a decade, LGBTQ inclusion has well and truly made its way onto the Australian workplace diversity and inclusion agenda and is making more of a mark in the sporting and service provider sectors every year as well,” Ms Hough said.

“Congratulations to all award winners recognised today on their significant achievements and for showing great leadership in LGBTQ inclusion.”

This year’s luncheon was hosted by SBS World News presenter Ricardo Goncalves and featured winner of The Voice 2016, singer/songwriter Alfie Arcuri.

Pride In Sport Awards: www.prideinsport.com.au/awards/

ACON’s Pride Inclusion Programs: www.prideinclusionprograms.com.au

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