The more the merrier when service counts

Monopolies are everywhere, and we tolerate them despite their often-poor delivery.


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One of the biggest monopolies in Western Australia is GESB. Unlike virtually every other super fund in the nation, WA State Government employees under age 55 are denied from transferring their super funds elsewhere, due to GESB's long standing one way monopoly arrangement. WA Public servants under 55 are being denied access to other competitive industry super funds, including Westscheme & MTAA. They are also being denied access to transferring funds into their own family super funds, which is now the largest single sector for super funds in Australia. APRA reports that there are now over 410,000 SMSF's in Australia, with over 26,500 new funds for 12 months to June 2009. Not unlike the song "Hotel California", it isn't hard to become a large super fund in WA when your super funds come in, but can never leave during your tenure of employment.

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