Government betrays Trio Capital investors

01 April 2016

The Assistant Treasurer’s announcement of no further compensation for investors in the collapsed Trio Capital demonstrates that the Government has led investors down the garden path on this issue.

These victims have every right to be absolutely furious with a Government who told them one thing and did another. 

Before the election, Paul Fletcher and Mathias Cormann spoke a big game about compensating victims, but it’s now clear that these were just hollow words.

In May 2013, Senator Cormann said "there would be some justification for a level of compensation" for the Trio victims as there were "a series of unique circumstances".

The collapse of Trio Capital had devastating impacts on hundreds of investors in the Illawarra region and parts of regional South Australia, together losing around $176 million out of their superannuation savings.

When in Government, Labor provided more than $50 million in compensation for investors who were in APRA-regulated superannuation funds.

The Government has time and time again given false hope to the victims of the collapse, and Labor’s sympathies go out to those who have been disappointed by the Government’s announcement today.