The former treasurer says Australia’s collective $2.3 trillion pension pot would be better invested by a government agency

Nicholas Gruen: open public-sector superannuation funds to all Australians

Peter Costello has called for the nationalisation of superannuation, arguing that the flow of compulsory contributions should be wrested from unions and banks, and instead invested by a new government agency.

Speaking in Melbourne on Thursday the former Coalition treasurer said the government should “show some interest in managing (super) in a cost-efficient way” in order to end “arbitrating” between industry and private funds.

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