[3][4] Senior managerial roles within Industry Funds are frequently granted to persons after a career in Labor Party politics or in unionism.
[5][6] Members of the Liberal Party and aligned conservative political commentators have criticised the relationship.
[7] Prior to 1992, superannuation was common among workers; often enforceable through contribution requirements within industrial awards.
The Keating Government changed this by legislating a uniform compulsory ‘Superannuation Guarantee’ system.
Part of the reform's purpose was to promote self-funded retirement, reducing the burden on the taxpayer-funded pension scheme.
Trade unions agreed to forgo a national 3% pay increase for their members, which would instead be put into the new superannuation system for all employees in Australia.
[8] Both union and employer organisations were keen to ensure that money invested into superannuation would be protected from high fees and commission products.
From this time, industry super funds were also no longer required to be industry-specific, and most became open to membership by a majority of Australian workers.