部分属实

评分： 5.0/10

报告问题
Coalition
C0143

声明内容

“增加了新规定，强制要求养老基金无论如何都要最大化回报，这是朝着禁止养老基金进行道德和环境筛查迈出的一步，例如不投资于武器制造或供应链中存在奴隶制的公司等。目前尚不清楚任何基金如何能够在不选择最高风险投资的情况下遵守这一要求。”
老龄化 经济 安全
原始来源： Matthew Davis
分析时间： 29 Jan 2026

原始来源

✅ 事实核查

CoalitionCoalition Coalition 的de de "" " YourYour Your FutureFuture Future ,, , YourYour Your SuperSuper Super "" " 改革gǎi gé gǎi gé （（ （ 在zài zài 20202020 2020 年nián nián 预算yù suàn yù suàn 中zhōng zhōng 宣布xuān bù xuān bù ）） ） 确实què shí què shí 引入yǐn rù yǐn rù 了le le 关于guān yú guān yú 养老yǎng lǎo yǎng lǎo 基金jī jīn jī jīn 管理guǎn lǐ guǎn lǐ 的de de 新xīn xīn 规定guī dìng guī dìng ，， ， 但dàn dàn 该gāi gāi 主张zhǔ zhāng zhǔ zhāng 大大dà dà dà dà 夸大kuā dà kuā dà 了le le 改革gǎi gé gǎi gé 的de de 实际shí jì shí jì 要求yāo qiú yāo qiú [[ [ 11 1 ]] ] 。。 。
The Coalition's "Your Future, Your Super" reforms announced in the 2020 Budget did introduce new rules around superannuation fund management, but the claim significantly overstates what the reforms actually require [1].
 财政部cái zhèng bù cái zhèng bù 文件wén jiàn wén jiàn 和hé hé 立法lì fǎ lì fǎ 确实què shí què shí 为wèi wèi 受托人shòu tuō rén shòu tuō rén 确立què lì què lì 了le le "" " 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì 义务yì wù yì wù "" " [[ [ 22 2 ]] ] 。。 。
The Treasury document and legislation do establish a "best financial interests duty" for trustees [2].
 然而rán ér rán ér ，， ， 这项zhè xiàng zhè xiàng 义务yì wù yì wù 并bìng bìng 不是bú shì bú shì 关于guān yú guān yú "" " 无论如何wú lùn rú hé wú lùn rú hé 都dōu dōu 要yào yào 最大化zuì dà huà zuì dà huà 回报huí bào huí bào "" " —— — —— — 而是ér shì ér shì 关于guān yú guān yú 最大化zuì dà huà zuì dà huà 成员chéng yuán chéng yuán 的de de 退休tuì xiū tuì xiū 储蓄chǔ xù chǔ xù 以yǐ yǐ 符合fú hé fú hé 其qí qí 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì [[ [ 11 1 ]] ] 。。 。
However, this duty is not about "maximising returns regardless of anything else" - it is about maximising members' retirement savings in their best financial interests [1].
 财政部cái zhèng bù cái zhèng bù 明确míng què míng què 表示biǎo shì biǎo shì ，， ， 目标mù biāo mù biāo 是shì shì "" " 受托人shòu tuō rén shòu tuō rén 必须bì xū bì xū 为了wèi le wèi le 成员chéng yuán chéng yuán 的de de 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì 而ér ér 行事xíng shì xíng shì "" " [[ [ 22 2 ]] ] 。。 。
The Treasury explicitly states the goal is that "trustees must act in the best financial interests of members" [2].
 关键guān jiàn guān jiàn 的de de 立法lì fǎ lì fǎ 变更biàn gēng biàn gēng 要求yāo qiú yāo qiú 受托人shòu tuō rén shòu tuō rén 证明zhèng míng zhèng míng 其qí qí 行动xíng dòng xíng dòng 是shì shì "" " 为了wèi le wèi le 其qí qí 成员chéng yuán chéng yuán 的de de 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì "" " ，， ， 特别强调tè bié qiáng diào tè bié qiáng diào 净jìng jìng 投资tóu zī tóu zī 回报huí bào huí bào （（ （ 扣除kòu chú kòu chú 费用fèi yòng fèi yòng 后hòu hòu 的de de 回报huí bào huí bào ）） ） [[ [ 11 1 ]] ] 。。 。
The key legislative change requires trustees to demonstrate that actions are "in the best financial interests of their members," with particular emphasis on net investment returns (returns after fees) [1].
 该gāi gāi 立法lì fǎ lì fǎ 并未bìng wèi bìng wèi 禁止jìn zhǐ jìn zhǐ 道德dào dé dào dé 筛查shāi chá shāi chá —— — —— — 它tā tā 要求yāo qiú yāo qiú 如果rú guǒ rú guǒ 基金jī jīn jī jīn 做出zuò chū zuò chū 投资决策tóu zī jué cè tóu zī jué cè （（ （ 包括bāo kuò bāo kuò 道德dào dé dào dé 筛查shāi chá shāi chá 决策jué cè jué cè ）） ） ，， ， 必须bì xū bì xū 能够néng gòu néng gòu 证明zhèng míng zhèng míng 这些zhè xiē zhè xiē 决策jué cè jué cè 符合fú hé fú hé 成员chéng yuán chéng yuán 的de de 财务cái wù cái wù 利益lì yì lì yì [[ [ 22 2 ]] ] 。。 。
The legislation does NOT ban ethical screening - it requires that if funds make investment decisions (including ethical screening decisions), they must be able to justify them as being in members' financial interests [2].
 引入yǐn rù yǐn rù 的de de 绩效jì xiào jì xiào 测试cè shì cè shì specificallyspecifically specifically 关注guān zhù guān zhù "" " 净jìng jìng 投资tóu zī tóu zī 回报huí bào huí bào "" " —— — —— — 成员chéng yuán chéng yuán 在zài zài 扣除kòu chú kòu chú 费用fèi yòng fèi yòng 后hòu hòu 实际shí jì shí jì 获得huò dé huò dé 的de de 回报huí bào huí bào [[ [ 11 1 ]] ] 。。 。
The performance test introduced focuses specifically on "net investment returns" - the actual returns members receive after fees [1].
 这是zhè shì zhè shì 为了wèi le wèi le 对duì duì 实际shí jì shí jì 财务cái wù cái wù 结果jié guǒ jié guǒ 追究zhuī jiū zhuī jiū 基金jī jīn jī jīn 责任zé rèn zé rèn ，， ， 而ér ér 不是bú shì bú shì 规定guī dìng guī dìng 投资tóu zī tóu zī 策略cè lüè cè lüè [[ [ 11 1 ]] ] 。。 。
This is designed to hold funds accountable for actual financial outcomes, not to mandate investment strategies [1].

缺失背景

该gāi gāi 主张zhǔ zhāng zhǔ zhāng 遗漏yí lòu yí lòu 了le le 几个jǐ gè jǐ gè 关键点guān jiàn diǎn guān jiàn diǎn ：： ：
The claim omits several critical points: **1. "Best financial interests" is not the same as "maximum returns"** The Treasury document repeatedly states the goal is maximising "retirement savings," not maximum raw returns [1].
 ** * ** * 11 1 .. . "" " 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì "" " 与yǔ yǔ "" " 最大化zuì dà huà zuì dà huà 回报huí bào huí bào "" " 不同bù tóng bù tóng ** * ** *
These are different concepts.
 财政部cái zhèng bù cái zhèng bù 文件wén jiàn wén jiàn 多次duō cì duō cì 声明shēng míng shēng míng 目标mù biāo mù biāo 是shì shì 最大化zuì dà huà zuì dà huà "" " 退休tuì xiū tuì xiū 储蓄chǔ xù chǔ xù "" " ，， ， 而ér ér 不是bú shì bú shì 最大化zuì dà huà zuì dà huà 原始yuán shǐ yuán shǐ 回报huí bào huí bào [[ [ 11 1 ]] ] 。。 。
A fund can pursue ethical screening while still maximising retirement outcomes if the screened portfolio delivers competitive returns [1]. **2.
 这是zhè shì zhè shì 不同bù tóng bù tóng 的de de 概念gài niàn gài niàn 。。 。
Ethical screening and financial returns are not necessarily opposed** The claim assumes ethical screening inherently reduces returns.
 如果rú guǒ rú guǒ 经过jīng guò jīng guò 筛查shāi chá shāi chá 的de de 投资tóu zī tóu zī 组合zǔ hé zǔ hé 能够néng gòu néng gòu 提供tí gōng tí gōng 有yǒu yǒu 竞争力jìng zhēng lì jìng zhēng lì 的de de 回报huí bào huí bào ，， ， 基金jī jīn jī jīn 可以kě yǐ kě yǐ 在zài zài 追求zhuī qiú zhuī qiú 道德dào dé dào dé 筛查shāi chá shāi chá 的de de 同时tóng shí tóng shí 仍然réng rán réng rán 最大化zuì dà huà zuì dà huà 退休tuì xiū tuì xiū 成果chéng guǒ chéng guǒ [[ [ 11 1 ]] ] 。。 。
However, many funds offering ethical screening (like Australian Ethical Superannuation) report competitive or above-average returns [3].
 ** * ** * 22 2 .. . 道德dào dé dào dé 筛查shāi chá shāi chá 与yǔ yǔ 财务cái wù cái wù 回报huí bào huí bào 不bù bù 一定yí dìng yí dìng 对立duì lì duì lì ** * ** *
The relationship between ESG/ethical screening and financial performance is complex and contested in academic literature, but the two are not fundamentally incompatible. **3.
 该gāi gāi 主张zhǔ zhāng zhǔ zhāng 假设jiǎ shè jiǎ shè 道德dào dé dào dé 筛查shāi chá shāi chá 必然bì rán bì rán 会huì huì 降低jiàng dī jiàng dī 回报huí bào huí bào 。。 。
The law does not ban ethical screening** Neither the "Your Future, Your Super" reforms nor the "best financial interests duty" explicitly bans ethical or environmental screening [2].
 然而rán ér rán ér ，， ， 许多xǔ duō xǔ duō 提供tí gōng tí gōng 道德dào dé dào dé 筛查shāi chá shāi chá 的de de 基金jī jīn jī jīn （（ （ 如rú rú AustralianAustralian Australian EthicalEthical Ethical SuperannuationSuperannuation Superannuation ）） ） 报告bào gào bào gào 了le le 有yǒu yǒu 竞争力jìng zhēng lì jìng zhēng lì 或huò huò 高于gāo yú gāo yú 平均水平píng jūn shuǐ píng píng jūn shuǐ píng 的de de 回报huí bào huí bào [[ [ 33 3 ]] ] 。。 。
The reforms require that any investment decision (including ethical screening) must be defensible as being in members' financial interests - but this is a different requirement from banning such screening [2]. **4.
 ESGESG ESG // / 道德dào dé dào dé 筛查shāi chá shāi chá 与yǔ yǔ 财务cái wù cái wù 表现biǎo xiàn biǎo xiàn 之间zhī jiān zhī jiān 的de de 关系guān xì guān xì 在zài zài 学术xué shù xué shù 文献wén xiàn wén xiàn 中是zhōng shì zhōng shì 复杂fù zá fù zá 且qiě qiě 有yǒu yǒu 争议zhēng yì zhēng yì 的de de ，， ， 但dàn dàn 两者liǎng zhě liǎng zhě 并非bìng fēi bìng fēi 根本gēn běn gēn běn 上shàng shàng 不相容bù xiāng róng bù xiāng róng 。。 。
Trustee obligation to justify decisions** The reforms reverse the burden of proof: trustees must now establish a "reasonable basis" to support their investment decisions being in members' best financial interests [2].
 ** * ** * 33 3 .. . 法律fǎ lǜ fǎ lǜ 并未bìng wèi bìng wèi 禁止jìn zhǐ jìn zhǐ 道德dào dé dào dé 筛查shāi chá shāi chá ** * ** *
This applies to all decisions, including ethical screening decisions.
 "" " YourYour Your FutureFuture Future ,, , YourYour Your SuperSuper Super "" " 改革gǎi gé gǎi gé 和hé hé "" " 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì 义务yì wù yì wù "" " 都dōu dōu 没有méi yǒu méi yǒu 明确míng què míng què 禁止jìn zhǐ jìn zhǐ 道德dào dé dào dé 或huò huò 环境huán jìng huán jìng 筛查shāi chá shāi chá [[ [ 22 2 ]] ] 。。 。
A fund could maintain ethical screening if it can demonstrate the strategy still delivers competitive returns [2]. **5.
 改革gǎi gé gǎi gé 要求yāo qiú yāo qiú 任何rèn hé rèn hé 投资决策tóu zī jué cè tóu zī jué cè （（ （ 包括bāo kuò bāo kuò 道德dào dé dào dé 筛查shāi chá shāi chá ）） ） 必须bì xū bì xū 能够néng gòu néng gòu 证明zhèng míng zhèng míng 符合fú hé fú hé 成员chéng yuán chéng yuán 的de de 财务cái wù cái wù 利益lì yì lì yì —— — —— — 但dàn dàn 这zhè zhè 与yǔ yǔ 禁止jìn zhǐ jìn zhǐ 此类cǐ lèi cǐ lèi 筛查shāi chá shāi chá 是shì shì 不同bù tóng bù tóng 的de de 要求yāo qiú yāo qiú [[ [ 22 2 ]] ] 。。 。
Difference between restriction and performance accountability** The reforms don't restrict fund investment choices - they impose accountability standards for those choices.
 ** * ** * 44 4 .. . 受托人shòu tuō rén shòu tuō rén 有yǒu yǒu 义务yì wù yì wù 为wèi wèi 其qí qí 决策jué cè jué cè 提供tí gōng tí gōng 理由lǐ yóu lǐ yóu ** * ** *
A fund can choose ethical screening, fossil fuel divestment, weapons exclusions, or any other strategy, provided they can justify it as being in members' financial interests [2].
 改革gǎi gé gǎi gé 将jiāng jiāng 举证责任jǔ zhèng zé rèn jǔ zhèng zé rèn 转移zhuǎn yí zhuǎn yí ：： ： 受托人shòu tuō rén shòu tuō rén 现在xiàn zài xiàn zài 必须bì xū bì xū 为wèi wèi 其qí qí 投资决策tóu zī jué cè tóu zī jué cè 符合fú hé fú hé 成员chéng yuán chéng yuán 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì 建立jiàn lì jiàn lì "" " 合理hé lǐ hé lǐ 依据yī jù yī jù "" " [[ [ 22 2 ]] ] 。。 。
这zhè zhè 适用shì yòng shì yòng 于yú yú 所有suǒ yǒu suǒ yǒu 决策jué cè jué cè ，， ， 包括bāo kuò bāo kuò 道德dào dé dào dé 筛查shāi chá shāi chá 决策jué cè jué cè 。。 。
如果rú guǒ rú guǒ 基金jī jīn jī jīn 能够néng gòu néng gòu 证明zhèng míng zhèng míng 该gāi gāi 策略cè lüè cè lüè 仍能réng néng réng néng 提供tí gōng tí gōng 有yǒu yǒu 竞争力jìng zhēng lì jìng zhēng lì 的de de 回报huí bào huí bào ，， ， 就jiù jiù 可以kě yǐ kě yǐ 维持wéi chí wéi chí 道德dào dé dào dé 筛查shāi chá shāi chá [[ [ 22 2 ]] ] 。。 。
** * ** * 55 5 .. . 限制xiàn zhì xiàn zhì 与yǔ yǔ 绩效jì xiào jì xiào 问责wèn zé wèn zé 之间zhī jiān zhī jiān 的de de 区别qū bié qū bié ** * ** *
改革gǎi gé gǎi gé 并bìng bìng 不bù bù 限制xiàn zhì xiàn zhì 基金jī jīn jī jīn 的de de 投资选择tóu zī xuǎn zé tóu zī xuǎn zé —— — —— — 它们tā men tā men 对duì duì 这些zhè xiē zhè xiē 选择xuǎn zé xuǎn zé 施加shī jiā shī jiā 问责wèn zé wèn zé 标准biāo zhǔn biāo zhǔn 。。 。
基金jī jīn jī jīn 可以kě yǐ kě yǐ 选择xuǎn zé xuǎn zé 道德dào dé dào dé 筛查shāi chá shāi chá 、、 、 化石huà shí huà shí 燃料rán liào rán liào 撤资chè zī chè zī 、、 、 武器wǔ qì wǔ qì 排除pái chú pái chú 或huò huò 任何rèn hé rèn hé 其他qí tā qí tā 策略cè lüè cè lüè ，， ， 只要zhǐ yào zhǐ yào 能够néng gòu néng gòu 证明zhèng míng zhèng míng 这zhè zhè 符合fú hé fú hé 成员chéng yuán chéng yuán 的de de 财务cái wù cái wù 利益lì yì lì yì [[ [ 22 2 ]] ] 。。 。

来源可信度评估

原始yuán shǐ yuán shǐ 来源lái yuán lái yuán 是shì shì TheThe The NewNew New DailyDaily Daily [[ [ 44 4 ]] ] ，， ， 由yóu yóu IndustryIndustry Industry SuperSuper Super HoldingsHoldings Holdings 拥有yōng yǒu yōng yǒu [[ [ 44 4 ]] ] 。。 。
The original source is The New Daily [4], which is owned by Industry Super Holdings [4].
 这zhè zhè 造成zào chéng zào chéng 了le le 明显míng xiǎn míng xiǎn 的de de 机构jī gòu jī gòu 偏见piān jiàn piān jiàn ：： ： 该gāi gāi 出版物chū bǎn wù chū bǎn wù 由yóu yóu 行业háng yè háng yè 养老yǎng lǎo yǎng lǎo 基金jī jīn jī jīn 行业háng yè háng yè 代表dài biǎo dài biǎo 机构jī gòu jī gòu 拥有yōng yǒu yōng yǒu 。。 。
This creates a clear institutional bias: the publication is owned by an industry super fund industry representative body.
 行业háng yè háng yè 基金jī jīn jī jīn 实际上shí jì shàng shí jì shàng 是shì shì YourYour Your FutureFuture Future ,, , YourYour Your SuperSuper Super 改革gǎi gé gǎi gé 的de de 最强zuì qiáng zuì qiáng 支持者zhī chí zhě zhī chí zhě 之一zhī yī zhī yī ，， ， 因此yīn cǐ yīn cǐ 该gāi gāi 来源lái yuán lái yuán 对duì duì 改革gǎi gé gǎi gé "" " 将jiāng jiāng 成员chéng yuán chéng yuán 束缚shù fù shù fù 在zài zài 糟糕zāo gāo zāo gāo 基金jī jīn jī jīn 上shàng shàng "" " 的de de 担忧dān yōu dān yōu 代表dài biǎo dài biǎo 的de de 是shì shì 行业háng yè háng yè 对duì duì 实施shí shī shí shī 风险fēng xiǎn fēng xiǎn 的de de 警告jǐng gào jǐng gào ，， ， 而ér ér 非fēi fēi 对duì duì 该gāi gāi 政策zhèng cè zhèng cè 的de de 根本gēn běn gēn běn 反对fǎn duì fǎn duì 。。 。
Industry funds were actually among the strongest proponents of the Your Future, Your Super reforms, so this source's concern about the reforms "tying members to a dud" represents an industry perspective warning about implementation risks, not a fundamental opposition to the policy.
 该gāi gāi 文章wén zhāng wén zhāng 确实què shí què shí 引用yǐn yòng yǐn yòng 了le le IndustryIndustry Industry SuperSuper Super AustraliaAustralia Australia 首席shǒu xí shǒu xí 执行官zhí xíng guān zhí xíng guān BernieBernie Bernie DeanDean Dean 提出tí chū tí chū 的de de 合理hé lǐ hé lǐ 实施shí shī shí shī 担忧dān yōu dān yōu [[ [ 44 4 ]] ] ，， ， 但dàn dàn framingframing framing 强调qiáng diào qiáng diào 的de de 是shì shì 风险fēng xiǎn fēng xiǎn 而ér ér 非fēi fēi 提供tí gōng tí gōng 平衡píng héng píng héng 的de de 分析fēn xī fēn xī 。。 。
The article does quote Bernie Dean (Industry Super Australia CEO) raising legitimate implementation concerns [4], but the framing emphasizes risks rather than providing balanced analysis.
⚖️

工党对比

** * ** * LaborLabor Labor 是否shì fǒu shì fǒu 采取cǎi qǔ cǎi qǔ 了le le 类似lèi sì lèi sì 措施cuò shī cuò shī ？？ ？
**Did Labor do something similar?** Labor has not proposed repealing the "best financial interests duty" or the performance testing regime.
 ** * ** *
In fact, Labor supported many elements of the Productivity Commission recommendations that underpin the Your Future, Your Super reforms [4].
 LaborLabor Labor 并未bìng wèi bìng wèi 提议tí yì tí yì 废除fèi chú fèi chú "" " 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì 义务yì wù yì wù "" " 或huò huò 绩效jì xiào jì xiào 测试cè shì cè shì 制度zhì dù zhì dù 。。 。
Labor opposition to the reforms (through spokesperson Stephen Jones) focused on implementation risks - particularly the risk of members being "stapled" to underperforming funds - rather than opposing the concept of accountability measures [4].
 事实上shì shí shàng shì shí shàng ，， ， LaborLabor Labor 支持zhī chí zhī chí 了le le 许多xǔ duō xǔ duō 构成gòu chéng gòu chéng YourYour Your FutureFuture Future ,, , YourYour Your SuperSuper Super 改革gǎi gé gǎi gé 基础jī chǔ jī chǔ 的de de ProductivityProductivity Productivity CommissionCommission Commission 建议jiàn yì jiàn yì [[ [ 44 4 ]] ] 。。 。
Labor governments have not introduced legislation to explicitly ban ethical screening in superannuation.
 LaborLabor Labor 对duì duì 改革gǎi gé gǎi gé 的de de 反对fǎn duì fǎn duì （（ （ 通过tōng guò tōng guò 发言人fā yán rén fā yán rén StephenStephen Stephen JonesJones Jones ）） ） 集中jí zhōng jí zhōng 在zài zài 实施shí shī shí shī 风险fēng xiǎn fēng xiǎn 上shàng shàng —— — —— — 特别tè bié tè bié 是shì shì 成员chéng yuán chéng yuán 被bèi bèi "" " 绑定bǎng dìng bǎng dìng "" " 到dào dào 表现biǎo xiàn biǎo xiàn 不佳bù jiā bù jiā 的de de 基金jī jīn jī jīn 的de de 风险fēng xiǎn fēng xiǎn —— — —— — 而ér ér 不是bú shì bú shì 反对fǎn duì fǎn duì 问责wèn zé wèn zé 措施cuò shī cuò shī 的de de 概念gài niàn gài niàn [[ [ 44 4 ]] ] 。。 。
Under both Coalition and Labor governments, the superannuation system has operated under a fiduciary duty framework that requires trustees to act in members' interests.
 LaborLabor Labor 政府zhèng fǔ zhèng fǔ 没有méi yǒu méi yǒu 引入yǐn rù yǐn rù 明确míng què míng què 禁止jìn zhǐ jìn zhǐ 养老yǎng lǎo yǎng lǎo 基金jī jīn jī jīn 进行jìn xíng jìn xíng 道德dào dé dào dé 筛查shāi chá shāi chá 的de de 立法lì fǎ lì fǎ 。。 。
在zài zài CoalitionCoalition Coalition 和hé hé LaborLabor Labor 政府zhèng fǔ zhèng fǔ 执政zhí zhèng zhí zhèng 期间qī jiān qī jiān ，， ， 养老yǎng lǎo yǎng lǎo 基金jī jīn jī jīn 制度zhì dù zhì dù 一直yì zhí yì zhí 在zài zài 受托人shòu tuō rén shòu tuō rén 必须bì xū bì xū 为了wèi le wèi le 成员chéng yuán chéng yuán 利益lì yì lì yì 行事xíng shì xíng shì 的de de 信托xìn tuō xìn tuō 责任zé rèn zé rèn 框架kuāng jià kuāng jià 下xià xià 运作yùn zuò yùn zuò 。。 。
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平衡视角

** * ** * CoalitionCoalition Coalition 的de de 实际shí jì shí jì 立场lì chǎng lì chǎng ：： ： ** * ** *
**The Coalition's actual position:** The Coalition's "Your Future, Your Super" reforms do impose stronger accountability on superannuation funds to demonstrate that investment decisions are in members' financial interests [1][2].
 CoalitionCoalition Coalition 的de de "" " YourYour Your FutureFuture Future ,, , YourYour Your SuperSuper Super "" " 改革gǎi gé gǎi gé 确实què shí què shí 对duì duì 养老yǎng lǎo yǎng lǎo 基金jī jīn jī jīn 施加shī jiā shī jiā 了le le 更gèng gèng 强qiáng qiáng 的de de 问责wèn zé wèn zé ，， ， 要求yāo qiú yāo qiú 证明zhèng míng zhèng míng 投资决策tóu zī jué cè tóu zī jué cè 符合fú hé fú hé 成员chéng yuán chéng yuán 的de de 财务cái wù cái wù 利益lì yì lì yì [[ [ 11 1 ]] ] [[ [ 22 2 ]] ] 。。 。
However, this is NOT the same as "forcing funds to maximise returns regardless of anything else." The reforms establish performance testing based on "net investment returns" - actual returns members receive [1].
 然而rán ér rán ér ，， ， 这zhè zhè 并bìng bìng 不是bú shì bú shì "" " 强制qiáng zhì qiáng zhì 要求yāo qiú yāo qiú 基金jī jīn jī jīn 无论如何wú lùn rú hé wú lùn rú hé 都dōu dōu 要yào yào 最大化zuì dà huà zuì dà huà 回报huí bào huí bào "" " 。。 。
This is a legitimate regulatory approach to address underperformance identified by the Productivity Commission, where 21 of 77 MySuper products underperformed their benchmarks by more than 0.5 percentage points, costing members at least $10.7 billion over 10 years [1]. **How it affects ethical screening:** The "best financial interests duty" does create a legal framework that requires trustees to justify their investment decisions.
 改革gǎi gé gǎi gé 建立jiàn lì jiàn lì 了le le 基于jī yú jī yú "" " 净jìng jìng 投资tóu zī tóu zī 回报huí bào huí bào "" " 的de de 绩效jì xiào jì xiào 测试cè shì cè shì —— — —— — 成员chéng yuán chéng yuán 实际shí jì shí jì 获得huò dé huò dé 的de de 回报huí bào huí bào [[ [ 11 1 ]] ] 。。 。
For ethical screening, this means: - A fund practicing ethical screening must be able to demonstrate the strategy still delivers competitive, or at least acceptable, returns for members [2] - A fund cannot pursue ethical screening if it significantly compromises member returns without justification [2] - This is a standard of accountability, not a prohibition [2] **The legitimate concern:** Industry Super Australia CEO Bernie Dean correctly identified a genuine implementation risk: if a member is stapled to an underperforming fund, it could take years to recognise the problem and cost them hundreds of thousands in retirement [4].
 这是zhè shì zhè shì 一种yī zhǒng yī zhǒng 合法hé fǎ hé fǎ 的de de 监管jiān guǎn jiān guǎn 方法fāng fǎ fāng fǎ ，， ， 旨在zhǐ zài zhǐ zài 解决jiě jué jiě jué ProductivityProductivity Productivity CommissionCommission Commission 发现fā xiàn fā xiàn 的de de 业绩yè jì yè jì 不佳bù jiā bù jiā 问题wèn tí wèn tí ，， ， 其中qí zhōng qí zhōng 7777 77 个gè gè MySuperMySuper MySuper 产品chǎn pǐn chǎn pǐn 中有zhōng yǒu zhōng yǒu 2121 21 个gè gè 跑pǎo pǎo 输shū shū 基准jī zhǔn jī zhǔn 超过chāo guò chāo guò 0.50.5 0.5 个gè gè 百分点bǎi fēn diǎn bǎi fēn diǎn ，， ， 在zài zài 1010 10 年内nián nèi nián nèi 至少zhì shǎo zhì shǎo 让ràng ràng 成员chéng yuán chéng yuán 损失sǔn shī sǔn shī 了le le 107107 107 亿澳元yì ào yuán yì ào yuán [[ [ 11 1 ]] ] 。。 。
This is a valid concern about the "stapling" mechanism, not about ethical screening itself. **Expert analysis:** ASIC has emphasized that superannuation trustees can offer ESG/ethical products, but must avoid "greenwashing" - making false claims about their ethical credentials [5].
 ** * ** * 它tā tā 如何rú hé rú hé 影响yǐng xiǎng yǐng xiǎng 道德dào dé dào dé 筛查shāi chá shāi chá ：： ： ** * ** *
This regulatory approach allows ethical screening while requiring honesty about what the screening actually delivers [5].
 "" " 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì 义务yì wù yì wù "" " 确实què shí què shí 创造chuàng zào chuàng zào 了le le 一个yí gè yí gè 法律fǎ lǜ fǎ lǜ 框架kuāng jià kuāng jià ，， ， 要求yāo qiú yāo qiú 受托人shòu tuō rén shòu tuō rén 为wèi wèi 其qí qí 投资决策tóu zī jué cè tóu zī jué cè 提供tí gōng tí gōng 理由lǐ yóu lǐ yóu 。。 。
The reforms do not ban ethical screening.
 对于duì yú duì yú 道德dào dé dào dé 筛查shāi chá shāi chá ，， ， 这zhè zhè 意味着yì wèi zhe yì wèi zhe ：： ：
They require that any investment strategy - whether pursuing ethical screening or maximum growth - must be defensible in terms of member financial outcomes. **Key context:** This is not unique to the Coalition - the fundamental principle that trustees must act in members' financial interests has existed under both Coalition and Labor governments.
 -- - 实践shí jiàn shí jiàn 道德dào dé dào dé 筛查shāi chá shāi chá 的de de 基金jī jīn jī jīn 必须bì xū bì xū 能够néng gòu néng gòu 证明zhèng míng zhèng míng 该gāi gāi 策略cè lüè cè lüè 仍能réng néng réng néng 为wèi wèi 成员chéng yuán chéng yuán 提供tí gōng tí gōng 有yǒu yǒu 竞争力jìng zhēng lì jìng zhēng lì 或huò huò 至少zhì shǎo zhì shǎo 可kě kě 接受jiē shòu jiē shòu 的de de 回报huí bào huí bào [[ [ 22 2 ]] ]
The 2020 reforms strengthened accountability mechanisms for demonstrating this, but did not introduce the concept.
 -- - 基金jī jīn jī jīn 不能bù néng bù néng 在zài zài 没有méi yǒu méi yǒu 正当理由zhèng dāng lǐ yóu zhèng dāng lǐ yóu 的de de 情况qíng kuàng qíng kuàng 下xià xià 追求zhuī qiú zhuī qiú 会huì huì 严重yán zhòng yán zhòng 损害sǔn hài sǔn hài 成员chéng yuán chéng yuán 回报huí bào huí bào 的de de 道德dào dé dào dé 筛查shāi chá shāi chá [[ [ 22 2 ]] ]
-- - 这是zhè shì zhè shì 一种yī zhǒng yī zhǒng 问责wèn zé wèn zé 标准biāo zhǔn biāo zhǔn ，， ， 而ér ér 非fēi fēi 禁令jìn lìng jìn lìng [[ [ 22 2 ]] ]
** * ** * 合理hé lǐ hé lǐ 的de de 担忧dān yōu dān yōu ：： ： ** * ** *
IndustryIndustry Industry SuperSuper Super AustraliaAustralia Australia 首席shǒu xí shǒu xí 执行官zhí xíng guān zhí xíng guān BernieBernie Bernie DeanDean Dean 正确zhèng què zhèng què 指出zhǐ chū zhǐ chū 了le le 真正zhēn zhèng zhēn zhèng 的de de 实施shí shī shí shī 风险fēng xiǎn fēng xiǎn ：： ： 如果rú guǒ rú guǒ 成员chéng yuán chéng yuán 被bèi bèi 绑定bǎng dìng bǎng dìng 到dào dào 表现biǎo xiàn biǎo xiàn 不佳bù jiā bù jiā 的de de 基金jī jīn jī jīn ，， ， 可能kě néng kě néng 需要xū yào xū yào 数年shù nián shù nián 才能cái néng cái néng 发现fā xiàn fā xiàn 问题wèn tí wèn tí ，， ， 并bìng bìng 让ràng ràng 他们tā men tā men 在zài zài 退休tuì xiū tuì xiū 时shí shí 损失sǔn shī sǔn shī 数十万shù shí wàn shù shí wàn 澳元ào yuán ào yuán [[ [ 44 4 ]] ] 。。 。
这zhè zhè 是shì shì 对duì duì "" " 绑定bǎng dìng bǎng dìng "" " 机制jī zhì jī zhì 的de de 有效yǒu xiào yǒu xiào 担忧dān yōu dān yōu ，， ， 而ér ér 非fēi fēi 对duì duì 道德dào dé dào dé 筛查shāi chá shāi chá 本身běn shēn běn shēn 的de de 担忧dān yōu dān yōu 。。 。
** * ** * 专家zhuān jiā zhuān jiā 分析fēn xī fēn xī ：： ： ** * ** *
ASICASIC ASIC 强调qiáng diào qiáng diào ，， ， 养老yǎng lǎo yǎng lǎo 基金jī jīn jī jīn 受托人shòu tuō rén shòu tuō rén 可以kě yǐ kě yǐ 提供tí gōng tí gōng ESGESG ESG // / 道德dào dé dào dé 产品chǎn pǐn chǎn pǐn ，， ， 但dàn dàn 必须bì xū bì xū 避免bì miǎn bì miǎn "" " 漂绿piāo lǜ piāo lǜ "" " —— — —— — 对duì duì 其qí qí 道德dào dé dào dé 资质zī zhì zī zhì 做出zuò chū zuò chū 虚假xū jiǎ xū jiǎ 声明shēng míng shēng míng [[ [ 55 5 ]] ] 。。 。
这种zhè zhǒng zhè zhǒng 监管jiān guǎn jiān guǎn 方法fāng fǎ fāng fǎ 允许yǔn xǔ yǔn xǔ 道德dào dé dào dé 筛查shāi chá shāi chá ，， ， 同时tóng shí tóng shí 要求yāo qiú yāo qiú 对duì duì 筛查shāi chá shāi chá 实际shí jì shí jì 提供tí gōng tí gōng 的de de 内容nèi róng nèi róng 诚实chéng shí chéng shí [[ [ 55 5 ]] ] 。。 。
改革gǎi gé gǎi gé 并未bìng wèi bìng wèi 禁止jìn zhǐ jìn zhǐ 道德dào dé dào dé 筛查shāi chá shāi chá 。。 。
它们tā men tā men 要求yāo qiú yāo qiú 任何rèn hé rèn hé 投资tóu zī tóu zī 策略cè lüè cè lüè —— — —— — 无论是wú lùn shì wú lùn shì 追求zhuī qiú zhuī qiú 道德dào dé dào dé 筛查shāi chá shāi chá 还是hái shì hái shì 最大化zuì dà huà zuì dà huà 增长zēng zhǎng zēng zhǎng —— — —— — 必须bì xū bì xū 在zài zài 成员chéng yuán chéng yuán 财务cái wù cái wù 成果chéng guǒ chéng guǒ 方面fāng miàn fāng miàn 是shì shì 可以kě yǐ kě yǐ 辩护biàn hù biàn hù 的de de 。。 。
** * ** * 关键guān jiàn guān jiàn 背景bèi jǐng bèi jǐng ：： ： ** * ** * 这zhè zhè 并非bìng fēi bìng fēi CoalitionCoalition Coalition 独有dú yǒu dú yǒu —— — —— — 受托人shòu tuō rén shòu tuō rén 必须bì xū bì xū 为了wèi le wèi le 成员chéng yuán chéng yuán 财务cái wù cái wù 利益lì yì lì yì 行事xíng shì xíng shì 的de de 基本jī běn jī běn 原则yuán zé yuán zé 在zài zài CoalitionCoalition Coalition 和hé hé LaborLabor Labor 政府zhèng fǔ zhèng fǔ 执政zhí zhèng zhí zhèng 期间qī jiān qī jiān 都dōu dōu 存在cún zài cún zài 。。 。
20202020 2020 年nián nián 的de de 改革gǎi gé gǎi gé 加强jiā qiáng jiā qiáng 了le le 证明zhèng míng zhèng míng 这zhè zhè 一点yì diǎn yì diǎn 的de de 问责wèn zé wèn zé 机制jī zhì jī zhì ，， ， 但dàn dàn 并未bìng wèi bìng wèi 引入yǐn rù yǐn rù 这一zhè yī zhè yī 概念gài niàn gài niàn 。。 。

部分属实

5.0

/ 10

该gāi gāi 主张zhǔ zhāng zhǔ zhāng 部分bù fèn bù fèn 准确zhǔn què zhǔn què ，， ， 但dàn dàn 在zài zài 范围fàn wéi fàn wéi 和hé hé 意图yì tú yì tú 上shàng shàng 显著xiǎn zhù xiǎn zhù 误导wù dǎo wù dǎo 了le le 改革gǎi gé gǎi gé 。。 。
The claim is partially accurate but significantly misleads about the scope and intent of the reforms.
 CoalitionCoalition Coalition 确实què shí què shí 为wèi wèi 养老yǎng lǎo yǎng lǎo 基金jī jīn jī jīn 受托人shòu tuō rén shòu tuō rén 引入yǐn rù yǐn rù 了le le 更gèng gèng 强qiáng qiáng 的de de "" " 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì "" " 要求yāo qiú yāo qiú 。。 。
The Coalition did introduce stronger "best financial interests" requirements for superannuation trustees.
 然而rán ér rán ér ：： ：
However: - The claim incorrectly suggests funds are forced to "maximise returns regardless of anything else" [1][2] - The actual requirement is to justify investment decisions as being in members' best financial interests [2] - The reforms do not explicitly ban or create a step toward banning ethical screening [2] - The genuine issue is that ethical screening must deliver competitive returns - but this is not a ban, it is an accountability standard [2] The reforms do create a framework where trustees must justify their decisions, which could theoretically be used to challenge ethical screening strategies that significantly underperform.
 -- - 该gāi gāi 主张zhǔ zhāng zhǔ zhāng 错误cuò wù cuò wù 地dì dì 暗示àn shì àn shì 基金jī jīn jī jīn 被bèi bèi 强制qiáng zhì qiáng zhì "" " 无论如何wú lùn rú hé wú lùn rú hé 都dōu dōu 要yào yào 最大化zuì dà huà zuì dà huà 回报huí bào huí bào "" " [[ [ 11 1 ]] ] [[ [ 22 2 ]] ]
However, the claim overstates this into a near-ban by mischaracterizing the requirement as "maximising returns regardless of anything else" when it is actually about demonstrating decisions are in members' financial interests [1][2].
 -- - 实际shí jì shí jì 要求yāo qiú yāo qiú 是shì shì 证明zhèng míng zhèng míng 投资决策tóu zī jué cè tóu zī jué cè 符合fú hé fú hé 成员chéng yuán chéng yuán 的de de 最佳zuì jiā zuì jiā 财务cái wù cái wù 利益lì yì lì yì [[ [ 22 2 ]] ]
-- - 改革gǎi gé gǎi gé 并未bìng wèi bìng wèi 明确míng què míng què 禁止jìn zhǐ jìn zhǐ 或huò huò 朝着cháo zhe cháo zhe 禁止jìn zhǐ jìn zhǐ 道德dào dé dào dé 筛查shāi chá shāi chá 迈出mài chū mài chū 一步yī bù yī bù [[ [ 22 2 ]] ]
-- - 真正zhēn zhèng zhēn zhèng 的de de 问题wèn tí wèn tí 是shì shì 道德dào dé dào dé 筛查shāi chá shāi chá 必须bì xū bì xū 提供tí gōng tí gōng 有yǒu yǒu 竞争力jìng zhēng lì jìng zhēng lì 的de de 回报huí bào huí bào —— — —— — 但dàn dàn 这zhè zhè 不是bú shì bú shì 禁令jìn lìng jìn lìng ，， ， 而是ér shì ér shì 一种yī zhǒng yī zhǒng 问责wèn zé wèn zé 标准biāo zhǔn biāo zhǔn [[ [ 22 2 ]] ]
改革gǎi gé gǎi gé 确实què shí què shí 创造chuàng zào chuàng zào 了le le 一个yí gè yí gè 框架kuāng jià kuāng jià ，， ， 要求yāo qiú yāo qiú 受托人shòu tuō rén shòu tuō rén 为wèi wèi 其qí qí 决策jué cè jué cè 提供tí gōng tí gōng 理由lǐ yóu lǐ yóu ，， ， 这zhè zhè 从cóng cóng 理论lǐ lùn lǐ lùn 上shàng shàng 可以kě yǐ kě yǐ 用来yòng lái yòng lái 挑战tiǎo zhàn tiǎo zhàn 表现biǎo xiàn biǎo xiàn 严重yán zhòng yán zhòng 不佳bù jiā bù jiā 的de de 道德dào dé dào dé 筛查shāi chá shāi chá 策略cè lüè cè lüè 。。 。
然而rán ér rán ér ，， ， 该gāi gāi 主张zhǔ zhāng zhǔ zhāng 将jiāng jiāng 其qí qí 夸大kuā dà kuā dà 到dào dào 接近jiē jìn jiē jìn 禁令jìn lìng jìn lìng 的de de 程度chéng dù chéng dù ，， ， 将jiāng jiāng 要求yāo qiú yāo qiú 错误cuò wù cuò wù 地dì dì 描述miáo shù miáo shù 为wèi wèi "" " 无论如何wú lùn rú hé wú lùn rú hé 都dōu dōu 要yào yào 最大化zuì dà huà zuì dà huà 回报huí bào huí bào "" " ，， ， 而ér ér 实际上shí jì shàng shí jì shàng 这是zhè shì zhè shì 关于guān yú guān yú 证明zhèng míng zhèng míng 决策jué cè jué cè 符合fú hé fú hé 成员chéng yuán chéng yuán 的de de 财务cái wù cái wù 利益lì yì lì yì [[ [ 11 1 ]] ] [[ [ 22 2 ]] ] 。。 。

📚 来源与引用 (6)

  1. 1
    PDF

    Your Future, Your Super: Reforms to make your super work harder for you - Treasury (October 2020)

    Treasury Gov • PDF Document
  2. 2
    PDF

    Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 - Parliament of Australia

    Legislation Gov • PDF Document
  3. 3
    Ethical Australian Super Fund - Australian Ethical

    Ethical Australian Super Fund - Australian Ethical

    Join over 100,000 Australians who have chosen Australian Ethical Super to invest for a better, cleaner and more sustainable future. Get in touch to learn more.

    Australian Ethical
  4. 4
    Federal budget 2020: The pros and cons of the superannuation reforms - The New Daily (October 7, 2020)

    Federal budget 2020: The pros and cons of the superannuation reforms - The New Daily (October 7, 2020)

    The budget's proposed superannuation measures are an attempt to end costly multiple accounts and improve performance for members. But there is a risk.

    Thenewdaily Com
  5. 5
    How to avoid greenwashing when offering or promoting sustainability-related products - ASIC

    How to avoid greenwashing when offering or promoting sustainability-related products - ASIC

    Fair, strong and efficient financial system for all Australians.

    Asic Gov
  6. 6
    kwm.com

    Super trustees in the post-ESG world - King & Wood Mallesons

    Kwm

评分方法

1-3: 不实

事实错误或恶意捏造。

4-6: 部分属实

有一定真实性，但缺乏背景或有所偏颇。

7-9: 基本属实

仅有微小的技术性或措辞问题。

10: 准确

完全经过验证且客观公正。

方法论: 评分通过交叉参照政府官方记录、独立事实核查机构和原始文件确定。

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