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Costello wants govt to run workers' super

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October 13, 2017

Peter Costello is urging the federal government to take over workers' compulsory superannuation.

Former treasurer Peter Costello wants control of billions of dollars in workers' compulsory superannuation contributions wrested from unions and banks, and instead invested by a new government agency.

About $2.3 trillion in workers' super is sitting in private accounts as part of the former Keating government's compulsory superannuation system, and it's expected to earn $23 billion in fees, but Mr Costello is critical of the way the system is being run, The Australian reports on Friday.

"There is a fair argument that these compulsory payments should be allocated to a national safety-net administrator -- let's call it the Super Guarantee Agency," Mr Costello said, suggesting Canada's Pension Plan Investment Board provides better modelling.

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