Australian workers are being urged to take a closer look at their superannuation funds, with a new transparency tool revealing that billions of dollars in retirement savings may be propping up industries many people consider unethical.
From today, Australians can use a quick online “60‑second test” to see whether their mandated super contributions are being invested in sectors linked to human rights abuses, animal cruelty, environmental destruction, weapons manufacturing, fossil fuels and gambling. The tool was launched by Mindful Investing, which analysed more than 30 major super fund options and their underlying holdings.
CEO Barry Coates said Australians place enormous trust in their super funds trust that is often misplaced. Research cited by the organisation shows 84 per cent of Australians want to avoid certain harmful industries, yet many are unknowingly invested in them.
“There is a lot of trust … and people expect their money to be managed ethically and responsibly,” Coates said, noting that the findings reveal a stark gap between consumer expectations and actual investment practices.
Mindful Investing has already operated in New Zealand, where its transparency tools helped workers understand how their KiwiSaver funds were being used. Its expansion into Australia aims to give local workers the same visibility and the power to demand change.
With more than $4 trillion now sitting in Australia’s superannuation system, even small shifts in investment choices could have enormous social and environmental impact. The new tool is designed to make that shift easier, faster and more accessible for everyday workers.
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