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Industry super funds burn cash as New Daily website revenues collapse

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Australia's biggest industry superannuation funds have lost nearly $3 million on controversial news website The New Daily this year

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Controversial? What nonsence..Its a thousand thimes better than the most MSM.. Jyst being big doesnt make good..

Nuts. What other motivation could directors have for funding a loss making enterprise? Why should this business vs. any other demand & receive subsidies at the cost of members. Just Nuts.

I guess you missed the 4 Corners expose on Superannuation which showed emails from Mercer to its staff instructing then not to tell existing clients about the lower fees available to them for the same product.

lameduck150 Shouldn’t this be investigated by the Banking Royal Comission? Superfunds are required to act in the best interest of financial returns to members.

What a gross misuse of members funds. Super funds should be there for the members super benefits only, not supporting ideological rubbish regardless of members own political affiliations. Reeks of Unionism, cronyism and outright socialism!

I am also a member of a super fund and willing to pay for a public service. I don’t pay the ridiculous price for the daily telegraph anymore as it is not journalism. If there are 6.8 mill members that $2.26 loss for the year. I think I can manage that.

Better than burning cash to line the pockets of some executive in a non industry fund.

MichaelRoddan Lol. The employees are out in full force ⬇️

$3m across how much FUM and how many members? As they've said it costs less to run than a single letter posted to every member. How much has fairfax cost their 'stakeholders' over the past 2, 5, 10 yrs?

Financial education is the goal of The New Daily. Don't believe me? They state it on their site. Hence it's a bit like CUB helping resurrect mX... major sponsorship of news product with content marketing/sponsored stuff included.

Minutely small price to pay for another voice

OMGTheMess Industry super funds all. They can’t seem to stay out of politics.

I am a member of an industry super fund and I fully support their investment in journalism. TheNewDailyAu is terrific!!

The new daily is the best newspaper in Australia TheNewDailyAu

Diverse media is always a sound investment.

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