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2 July 2024

An ABC investigation has confirmed some of Australia’s biggest superannuation funds continue to invest members’ savings in companies that make nuclear weapons and other controversial weapons. 
The ABC analysed the weapons and military industry investments of socially aware, ethical or sustainable branded options offered by Australian super funds, and found more $27 million worth of shares in companies classified as being involved in controversial weapons at 31 December 2023.
This finding confirms the persistence of issues identified in our 2021 report: no standard definition of ‘controversial weapons’ is applied across the industry, and the use of materiality thresholds which allow for holdings based of company revenue derived from weapons.
 Quit Nukes’ Dr Margaret Beavis told the ABC:

“Nuclear weapons should be in the controversial weapons definition, and it’s really not acceptable for funds to continue to pretend that some of these weapons are OK.

“These weapons are totally immoral.”

Read the full story: Fortunes of War