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37-436: The New Daily is an online Australian newspaper founded in 2013, and owned by Industry Super Holdings, which represents industry superannuation funds . The New Daily was started by AustralianSuper , Cbus and Industry Super Holdings in 2013. The venture was deemed controversial due to its ownership by non-profit superannuation funds (which are legally obliged to spend money in their members' best interests) regarding both

74-582: A not-for-profit , mutual fund structure. All profits from fund operations are retained by the fund membership, a fact prominent in marketing campaigns run by the peak body. Formerly, specific industry funds could only be joined and contributed to by employees working in the establishing union's corresponding industry. Following reforms, most fund memberships are not restricted in this way, instead being 'public offer funds' regulated by APRA . For circumstances relating to their establishment; industry fund boardrooms usually include trade union officials, from

111-607: A holiday to Hawaii during the middle of catastrophic bushfires , a story that was later awarded the Walkley Award for Scoop of the Year for 2019. Its flagship columnists have included Paul Bongiorno , Alan Kohler and Michael Pascoe . Other notable contributors include: Industry superannuation fund Most, though not all, industry funds are member of the sector peak body Industry Super Australia . Nevertheless, all industry super funds have operation from inception through

148-550: A majority of Australian workers. Such open funds are called public offer funds . Since 1 January 2014, all employers must select an approved MySuper account as their default super fund into which they must pay all default super guarantee contributions (minimum employer contributions). However, employees can nominate an alternative investment fund, called a stapled super fund . The Fair Work Commission determines which superannuation funds are suitable to be industry super funds and adopted by employers as default funds. ME Bank

185-610: A number of reasons. When the publication was launched, its owner AustralianSuper planned to force subscriptions from its members unless those members opted-out of the subscription within a one-month period. The move was controversial, and criticised by the Australian Financial Review . Following criticisms from regulators such as the Australian Prudential Regulation Authority , the plans were scrapped. In August 2024, Industry Super Holdings put

222-642: A policy adviser to Labor Leader Bill Hayden , and from 1983 to 1984 was an adviser to Government Ministers Mick Young and Kim Beazley . He later worked as the State Secretary of the Queensland Labor Party from 1991 to 1993. Swan was first elected as the Member for Lilley in the 1993 federal election , but was defeated three years later by Elizabeth Grace in what was a large defeat for Labor nationwide. In 1996, Swan donated $ 500–$ 1400 (amount disputed) to

259-511: A social obligation to pay their fair share of tax on the resources Australians own. On 23 June 2010, Deputy Prime Minister Julia Gillard challenged Kevin Rudd for the leadership of the Labor Party. Realising that he no longer had enough support to retain his position, Rudd resigned the following day, allowing Gillard to be elected unopposed. Swan stood to fill the vacant position of Deputy Leader, and

296-562: A speech to students, in which he said that, while at school, "Wayne was very, very cool; and I was very, very not". Following Labor's landslide win in the 2007 federal election , Swan was appointed Treasurer of Australia by Kevin Rudd on 3 December 2007. Swan's first budget concentrated on inflationary pressures in the economy, with substantially reduced spending that exceeded the A$ 11 ;billion outlaid for tax cuts. The policy debate shifted around August 2008 after mortgage lending banks in

333-475: A time when the overwhelming economic consensus is that it's critical to use the economic weight of the resources boom to strengthen the entire economy. Politicians have a choice: between exploiting divisions by promoting fear and appealing to the sense of fairness and decency that is the foundation of our middle-class society; between standing up for workers and kneeling down at the feet of the Gina Rineharts and

370-411: A trade union are known as 'Retail super funds'. Major non-industry super funds include offerings from AMP , Vanguard Group , Commonwealth Bank , National Australia Bank , Suncorp , and ING Australia . Wayne Swan Wayne Maxwell Swan (born 30 June 1954) is an Australian politician serving as the 25th and current National President of the Labor Party since 2018, previously serving as

407-401: 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. The change came about through a tripartite agreement between the government, employer groups and trade unions. Trade unions agreed to forgo a national 3% pay increase for their members, which would instead be put into

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444-660: Is a record of his experience as: Secretary of the Queensland Labor Party (1991–1993) Federal MP and Member for the seat of Lilley from 1993–1996, 1998–2019, Treasurer of Australia (2007–2013), Deputy Prime Minister and Deputy Leader of the ALP (2010–2013) and National President of the Australian Labor Party (2018–present). A substantial part of the collection relates to the Global Financial Crisis of 2008–2009 and

481-476: Is highly significant given that Australia was a key contributor to G20 discussions. The collection includes photographs, correspondence, campaign materials and political documents. In 2021 the State Library produced a digital story with Swan. The interview by Dennis Atkins covers Swan's time in public office and his life before and after politics as well as the Global Financial Crisis of 2008–09 and Swan's role in

518-541: The 2013 federal election , he remained in Parliament and retained his seat at the 2016 federal election . On 10 February 2018, he announced that he would not contest the 2019 federal election and that he would retire from politics. Swan donated his personal collection of records to the State Library of Queensland's John Oxley Library. The collection reflects the history of Swan's time in public office and in particular

555-532: The Australian Democrats campaign manager in his seat of Lilley. At the time, speculation surrounded the nature of the donation. The matter was referred to the Australian Federal Police who chose to take no further action. He worked as an adviser to Labor Leader Kim Beazley before contesting Lilley again in the 1998 federal election and regaining the seat. Kim Beazley promoted Swan to

592-596: The Howard government 's 2006 budget, with Labor proposing tax relief for low- and middle-income earners. Swan launched his book during the same month, Postcode: The Splintering of a Nation . After Kevin Rudd successfully challenged Kim Beazley to win the leadership of the Labor Party in December 2006 , he reappointed Swan as Shadow Treasurer. In early November 2007, Swan and Rudd revisited their old high school in Nambour. Rudd gave

629-455: The Liberal Party and aligned conservative political commentators have criticised the relationship. Prior to 1992, superannuation was common among workers; often enforceable through contribution requirements within industrial awards . Due to the variation in award agreements, superannuation requirements were inconsistent across industries. The Keating Government changed this by legislating

666-513: The 14th deputy prime minister of Australia and the deputy leader of the Labor Party from 2010 to 2013, and the treasurer of Australia from 2007 to 2013. Swan was first elected to the House of Representatives in 1993 for Lilley in Queensland , although he lost this seat in 1996 . He regained the seat in 1998 and represented it until retiring in 2019 . Following Labor's victory in 2007 , Swan

703-630: The Clive Palmers. For every Andrew Forrest who wails about high company taxes and then admits to not paying any, there are a hundred Australian businesspeople who held on to their employees and worked with government to keep the doors of Australian business open during the GFC. Despite the howling of a small minority, the vast bulk of the resources industry is in the cart for more efficient profits-based resource taxation which serves to strengthen our entire economy. The vast majority of our miners accept that they have

740-531: The Shadow Cabinet in 1998. Initially serving as Shadow Minister for Family and Community Services, he became the Manager of Opposition Business in 2001. During the 2003 Labor leadership spills he was a prominent supporter of Kim Beazley, but retained his position in the Shadow Cabinet when Mark Latham became the new leader. After the 2004 federal election defeat, Swan was promoted to become Shadow Treasurer. This

777-653: The United States began to collapse and economic activity faltered as American investments were written off. In response to the resulting global downturn, Swan coordinated an "economic security strategy" worth $ 10 billion in October 2008. Designed as a stimulus package and directed towards retail sales, it was largely supported by the International Monetary Fund . When the December quarterly growth report showed

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814-546: The Year by Euromoney magazine, joining Paul Keating as the only Australian Treasurer to have been awarded that title. After Rudd successfully challenged Gillard for the leadership in June 2013, Swan resigned from the Cabinet. Swan was born and educated in Nambour , Queensland . He attended Nambour State High School and graduated in 1972. Kevin Rudd attended the same school at

851-566: The economy contracting, he moved ahead with the Nation Building and Jobs Plan to provide government-sponsored work worth A$ 42 billion. This action was widely credited with preventing Australia from following much of the world into recession, as the March 2009 quarterly growth report showed that the economy had returned to growth. On 20 September 2011, Swan was named Finance Minister of the Year by Euromoney magazine, joining Paul Keating as

888-537: The establishment of trade union-based industry super funds, in contrast to pre-existing retail funds. From 1 July 2005, choice of fund rules came into effect, giving most Australian employees the option to choose the fund into which their employers paid their superannuation contributions. In practice, over 75% of workers remained with their employer’s default fund, which was usually an industry fund. From this time, industry super funds were also no longer required to be industry-specific, and most became open to membership by

925-454: The new superannuation system for all employees in Australia. This was matched by employers' contributions which were set to increase over time. Following this, 72% of Australian workers were covered by retirement savings schemes. Both union and employer organisations were keen to ensure that money invested into superannuation would be protected from high fees and commission products. This led to

962-503: The only Australian Treasurer to have been conferred that title. In March 2012, Swan became the first treasurer or deputy prime minister to be ejected from the House of Representatives, after he referred to Andrew Robb , the then-opposition finance spokesperson, as "Curly", in reference to The Three Stooges . In an essay published in The Monthly magazine in March 2012, Swan criticised

999-468: The publication up for sale. The publication says it has an independence charter which lays out a formal separation between news content and ownership. It aims to promote financial literacy amongst members of superannuation funds. The New Daily is published by Solstice Media . In 2017, The New Daily generated $ 13,647 profit based on revenue of $ 280,125 from advertising in addition to capital investment from its owner. On its fifth anniversary in 2018,

1036-414: The publication's commercial nature and its editorial independence . The founding editor was Bruce Guthrie . In 2016, it became wholly owned by Industry Super Holdings. The initial funding and investment of the entity was paid for using funds from those organisations, with justifications made by super-fund management that investing in the news site would be a worthwhile activity for super-fund members for

1073-494: The publishers reported significant success in achieving two million unique monthly viewers. It recorded a monthly unique audience greater than The Australian newspaper, according to Nielsen digital news rankings for February 2022. As of June 2024 the editor is Neil Frankland. Founding editor Bruce Guthrie was editorial director and remains an editorial adviser. The paper's former political editor, Samantha Maiden , revealed that former prime minister Scott Morrison left for

1110-574: The relevant industry. Most industry funds are member of the peak body Industry Super Australia . Some not affiliated with the peak body still refer to themselves as 'industry super funds' for historical reasons. Examples of this include UniSuper , REST , and Aware Super . As of June 2023 , the industry funds affiliated with the ISA are: Other industry super funds (that are not members of ISA) include Aware Super , REST Industry Super , and UniSuper . Funds that were not historically established by

1147-606: The rising influence of vested interests, in particular paying attention to mining entrepreneurs Clive Palmer , Gina Rinehart and Andrew Forrest , and how Swan believed they are threatening Australia's egalitarian social contract. and a subsequent address to the National Press Club , In The Monthly essay he opined: The latest example of this is the foray by Australia’s richest person, Gina Rinehart, into Fairfax Media , reportedly in an attempt to wield greater influence on public opinion and further her commercial interests at

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1184-595: The same time, though was three years younger than Swan and the two did not know each other. Swan won a Commonwealth scholarship to study Public Administration at the University of Queensland , where he resided at Emmanuel College and graduated with a Bachelor of Arts. After graduating he worked as a lecturer in the Department of Management at the Queensland Institute of Technology . From 1978 to 1980, Swan acted as

1221-694: The union responsible for establishing the fund. For example, Maritime Super's supervisory board includes union officials from the MUA, while Energy Super formerly had board members from the ETU . Senior managerial roles within Industry Funds are frequently granted to persons after a career in Labor Party politics or in unionism. Examples include: Wayne Swan (Chair of CBUS ), Greg Combet (Chair of Industry Super Australia), and Paul Schroder ( AustralianSuper ). Members of

1258-518: Was also elected unopposed. He was sworn in as Deputy Prime Minister of Australia later that day. Days later, Swan attended the G20 Toronto Summit in Gillard's place. He would regularly stand in for Gillard as Acting Prime Minister for the next three years. Swan resigned from his positions to return to the backbench following the return of Kevin Rudd to the leadership in June 2013. After Labor lost

1295-464: Was appointed Treasurer of Australia by Prime Minister Kevin Rudd . In this position, he played a key role in Australia's response to the Global Financial Crisis throughout 2008 and 2009. In 2010, after Julia Gillard became Prime Minister, Swan was elected unopposed as Labor's deputy leader and was subsequently sworn in as Deputy Prime Minister. In 2011, Swan was named Finance Minister of

1332-427: Was established and owned by 26 industry super funds. It was sold to Bank of Queensland in 2021. As of 2023, all industry funds operate under the legal structure of being a non-profit mutual fund. Industry funds collectively manage the retirement savings for 13 million accounts. All industry funds are governed by trustee boards, with board appointments from employers, trade union representatives, and employees from

1369-402: Was seen by many as a surprise, as it was rumoured that Latham was intending to appoint then-Shadow Health Minister Julia Gillard to the position. It was believed that strong opposition from Labor's Right Faction had put Latham under pressure to appoint either Swan or Shadow Industrial Relations Minister Stephen Smith to the position. Early in the role, Swan worked to devise Labor's response to

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