Nuclear war between super funds

The Electrical Trades Union condemned the ISA report. ETU National Secretary Allen Hicks said: 'The ETU has very strong concerns about this ISA report that broadly spruiks nuclear power while using flawed assumptions and poor modelling to write down the capacity of renewables and battery technology.'

Hicks called on partners in the superannuation industry to join in the condemnation of the ISA report 'that is not only full of holes but would put at risk the very people who industry super represents – union members.'

Hicks continued: 'This report has been developed without consulting key industry stakeholders or actual members of Industry Super Australia that we have been in contact with. … With the Federal Liberal Government totally incapable of leading on energy policy, we think ISA should take a leading role in energy investment, but it must not try to put our members retirement savings into a deadly industry that does not exist in Australia and is fading around the globe and consistently leads to spiralling costs.'

ETU National Industry Coordinator Matthew Murphy accusedI SA of 'fluffing up the benefits of nuclear power' and said many of the report's findings were based on assumptions or numbers with no basis in reality. 'This report is biased toward nuclear power and against renewables and that clearly bares out in shoddy maths and assumptions like 'a battery will only run for one hour' or that the island nation of Australia is not suitable for off-shore wind and tidal power,' Murphy said.