A Senator Wants An Inquiry Into Why Super Funds Are Pouring Millions Into A News Aggregation Site

Nationals senator John Williams has called for the Australian Securities & Investments Commission to “have a very close look at” new news aggregation website The New Daily.

The site launched with an initial outlay of $3m sourced from super funds AustralianSuper, Cbus and Industry Super Holdings.

Noting the poor economic climate for news products, Senator Williams told The Australian: “You wonder what returns are in it for hard-working Australians.”

A spokeswoman for AustralianSuper said the funds used to create it had been sourced from administration fees.

Self-Managed Super Funds Professionals Association of Australia director Graeme Colley said that indicated what kind of high premiums super-savers were paying.

The New Daily is operated by independent publisher Eric Beecher and former The Age and Herald Sun editor Bruce Guthrie> It relies heavily on AAP and ABC content.

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