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ME Bank pays industry funds no dividendsBY ELIZABETH MCARTHUR | THURSDAY, 14 MAY 2020 12:07PM
MP Tim Wilson has argued industry super funds' ownership of ME Bank is at odds with the sole purpose test as the bank has yet to pay dividends.
Read more: ME Bank, ACTU Member, ABA, Senator Tim Wilson, Australian Banking Association, AustralianSuper, Bernie Dean, Hostplus, Industry Super Australia, ISA, James McPhee, Tony Beck, UniSuper
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Report: Building stronger relationships with ESG investing
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The earlier than expected easing of restrictions in Australia that defrosted social and commercial activity has had its desired effect - rebounding business conditions and confidence, and the feared one - a second wave.
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Around 300,000 Australians lodged their second application to access their super early at the start of the new financial year.
Spaceship chief executive Andrew Moore says its managed investments business has been the "single, strongest" source of growth for its $300 million superannuation fund.
Nine industry funds are working with Frontier Advisors to probe new longevity risk products for retiree members, which could include tweaking account-based pensions.
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