Industry superfund AustralianSuper has delayed plans to sign up members on the online news website, The new daily, on an opt-out basis, as it awaits the advice of the information commissioner.
The Australian Prudential Regulation Authority and the Australian Information Commissioner are investigating how data is shared between The new daily and shareholder, AustralianSuper.
AustralianSuper CEO Ian Silk said at a parliamentary economics committee hearing last week that plans to subscribe its members (unless they chose not to participate) were now on hold until the superfund received the go-ahead. of the commissioner.
“In connection with the recent discussion on the provision of data … Australian Super has not provided any information to The New Daily at this time,” Silk said.
“What we have done is contact several AustralianSuper members and say that we propose to do so, which allows members to let us know at that time when they receive that communication if they do not want that to happen. But after that communication with the members, advising of this intention to provide material to The New Daily, APRA and the OAIC … they have communicated with us. Our current plan is to await the advice of the OAIC before executing. “
Email addresses and names of members would be provided to The new daily under the current plan. “AustralianSuper’s motivation is twofold. One is to improve the financial literacy of AustralianSuper members and secondly to extract the benefits of member participation, ”he said, adding that there were discussions on how to extend the benefits that existing members receive to a broader cohort. of members.
“In a survey of New dairy 80 percent of readers say that their understanding of financial matters has improved thanks to the strength of the reading. The new daily. I should point out that the finance section of The new daily is the second most read section of The new daily after the general news section. “
Both Mr. Silk and the head of CBUS, Justin Arter, realized a question about whether or not to invest directly in The new daily it would be the best for the members. Retirement funds are legally obligated to invest members’ money with their best interests in mind. The new daily is owned by Industry Super Holdings, which is controlled by superfunds such as AustralianSuper, Cbus, Hostplus and HESTA.
The new daily It is published by Motion Publishing, a subsidiary of Solstice Media (which is chaired by Eric Beecher). Money to fund journalism in The new daily It is received through advertising and funding from Industry Super Holdings.