Weekly Wrap...Super fund leaks private information

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It’s been alleged that one of Australia’s biggest super funds leaked the personal financial details and home addresses of hundreds of non-union workers to building union boss Brian Parker as part of an industrial campaign.
The allegations will be forwarded to the Australian Federal Police and the Australian Privacy Commissioner by Lis-Con, the construction company targeted by the campaign, the Sydney Morning Herald reported.
A union whistleblower who assisted Parker after he was alleged to have obtained the leaked information, said it was used to help formulate an industrial campaign against a company that had been fighting the Construction Forestry Mining and Energy Union.
 
One of two men charged with insider trading allegedly made up to $2.5 million a day, police say.
Lukas Kamay, a 26-year-old banker, has been charged with insider trading on the basis of advance knowledge of sensitive government statistics, the Sydney Morning Herald reported.
On March 13, Kamay made more than $2.5 million after the release of surprisingly positive jobs data.
A profit of that magnitude indicates that a bet may have been taken with an implied value of about $500 million, traders say, based on information about currency movements that day.
Kamay is accused by police of deliberately creating losses to "normalise" his trading patterns and avoid detection by police, regulators and other traders or brokers.
 
 
Experts have fought back at calls for the Australian Prudential Regulation Authority (APRA) to jointly supervise the rapidly growing SMSF sector, saying they are ­motivated by concerns about lost revenue rather than systemic ­financial risk.
The Australian reported that Alex Dunnin, principal ­researcher at Rainmaker, which specialises in superannuation research, said 80% of SMSF assets were directly invested by trustees, which meant less revenue for the financial services sector.
“This would be an additional, costly and unnecessary burden on SMSFs that would conveniently for the finance sector make them less attractive,” he said.
 
 
National Australia Bank (NAB) boss Cameron Clyne said Australia seems to be in a confidence trap, following his final profit result as CEO last Thursday.
He said there needed to be a circuit-breaker to make consumers and businesses more confident about investing, reported the Sydney Morning Herald.
NAB has just delivered a half-year result that was below expectations, with cash earnings rising 8.5% to $3.15 billion in the March half, helped by a sharp fall in bad debts.
Clyne argued NAB had been deliberately reducing risk in its flagship business lending arm, even if this came at the expense of market share.
Amid anticipations of a tough budget, he warned of the dangers of excessive pessimism when the economy was ''fundamentally pretty sound'', evidenced by recent signs of improvement in the labour market.
 

The Australian Labor Party (ALP) should be forced to ­establish a federal corruption commission to weed out fraudulent politicians and lobbyists, one of Australia’s most senior union leaders has said.
Tony Sheldon, ALP national vice-president and Transport Workers Union national secretary, said it was time for Bill Shorten to “rule in” a ­national ICAC, reported The Australian.
He said corruption in all political parties needed to be exposed and investigated.               
 
 
 
 
 
 

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