Barnaby Joyce's ex-wife lost $400k in $1.1bn super funds collapse

Summarised from 2 outlets · Updated 26 Oct, 14:31 · Archive

Two major Australian superannuation funds, Shield Master Fund and First Guardian, have collapsed, wiping out $1.1bn in retirement savings for 11,000 people. One Nation MP Barnaby Joyce revealed on a Choice podcast that his ex-wife Natalie lost $400,000 of her divorce settlement as a result.

Joyce criticised the government for failing to support affected Australians, calling the response inadequate. He said an investigation into the collapse had widened to implicate more people than initially thought. The MP argued that victims, including nurses and teachers who believed they were making prudent investments, now have no retirement funds and face financial hardship.

Joyce called on parliament to pay victims their full superannuation so they could retire, rather than offering only a fraction through a compensation scheme. He said victims lacked the resources to pursue legal action against those responsible and were dependent on government support.

How it is being reported

• Barnaby Joyce reveals ex-wife lost $400k in massive $1.1bn super collapseBarnaby Joyce has fired up over the $1.1bn collapse of two of the country’s biggest super funds, revealing how his ex-wife lost $400,000 in retirement savings.The West Australian · 26 Oct, 14:02
• Barnaby Joyce reveals ex-wife lost $400k in massive $1.1bn super collapseBarnaby Joyce has fired up over the $1.1bn collapse of two of the country’s biggest super funds, revealing how his ex-wife lost $400,000 in retirement savings.Perth Now · 26 Oct, 14:02

In this story: Barnaby Joyce · Shield Master Fund · First Guardian · One Nation · Choice · Australia

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem