from Lateline 2008 As per the "architect" of superannuation, Paul Keating http://www.abc.net.au/lateline/content/2008/s2379522.htm No reason at all, says Paul. Who owns those mortgages? (banks) Who owns the super (apparently you and I) No reason why a wealth transfer from superannuants to banks can't occur, says Paul. I can think of a reason. It's our money.
You know I think 2 years ago the Federal Govt put the retirement age up from 65 to 67 and there wasnt even a murmur about it in the community. Try doing that in Europe etc and there would be riots. In fact there were riots in Greece when the Govt there tried to do it. People think they won't need the pension because they will have a big fat Super nest egg. Sad fact is your Super as an average income earner will probably only income generate for you about the same or a bit more than the pension. I didnt see taxes going down when Super came in... so people pay for their own pension (super) without a corresponding tax cut. No wonder so many people are pissed off.
I feel that most people in Oz are more submissive or complacent or down right ignorant to the government restricting their freedoms, its pretty sad really. Things like the new airport scanners that are coming in, that just pisses me off and even more so because i work at the airport
Do you think that just pretending that it would all be ok, having everybody retiring at 65 and only having 2 taxpayers per retiree would have been better?
"NEVER get between a treasurer and a bucket of money" - komrade paul keating. By far the 2 biggest buckets of money are the Superannuation Fund(s) and the Future Fund. You can bet your last Dollar that the socialists have their eyes and paws on BOTH!!! And given the socialists belief that you can spend the same dollar twice, I fear for the future. .....next time we need a "stimulus". OC
Maybe not, but what we'd all like to see is an end to the unbelievable waste that this Labor mob have presided over. Raising the retirement limit is just another form of taxation, their only answer to anything it would seem.
Future fund is already gone isn't it? I thought they distributed that early. Happy to be corrected - thought it was a sensible idea long overdue!
Is it a form of taxation really? Seems to me that it's more about not having to raise taxes quite so much to pay people to retire when they're going to live for another 15-20 years on average. I thought that most people here were all for personal responsibility, low taxes, socialism is evil etc.
Hey! Its still there! Thanks OC - didn't know the site existed (should really have looked shouldn't I?) Hmmmm, I see they still include Telstra shares in their assets. But exclude them from the figures and report them seperately. That 19.4% in debt securities and 18.6% in "alternative assets" (whatever they are) worries me a bit though. Thats 38% held in a pretty vaguely worded desciption. I hope they haven't been buying US T bonds or Aussie ones for that matter. Maybe the future hopes of Public servants that they'll get their super are not as low as I was worried about!
It seems that economic prosperity around the world is based on 1 thing - more people. More consumers, more workers, a bigger tax base. Ultimately this is unsustainable. Its essentially a Pozi population scheme.
A little OT here, but will our super funds be worth anything after SHTF? I'm deciding whether to advise certain family members to stop salary sacrificing into super and invest the money into PM's instead.
I always advise against giving advice. If it goes bad you cop the blame. Just point them in the direction of the info and tell them to have a read and make up their own mind.
States are broke. They aren't financially self-sufficient and now rely on the federal government to remain solvent. And remember that he who pays the piper calls the tune. So states are really just a type of quasi federal government department.
