Twenty years ago, superannuation was an employment benefit enjoyed only by public sector workers and management level employees in the corporate sector. Most workers had no access to superannuation.
Today “super” is an “industry” of great value and interest to finance capital. The $1.3 trillion in superannuation funds came in handy when the ongoing “great financial crisis” (GFC) began in 2008. It was a lifeline for Australian corporations caught short.
What happened to create this behemoth?