Abbott wants our Super too....

[ShinyStuff]

Tis frm the SMH today about seven things he believes.. Tis is number seven.

7. A strategy needs to be configured on how best to direct the superannuation industry in the coming years. With major concerns about costs blowouts in health, energy, transport and education, the next federal government needs to cleverly explore ways to ameliorate these by using the $5 trillion that will pour into super in the coming two decades. To simply let these funds chase franked dividends and offshore equities would seem to be a lost opportunity.

So there you have it, that money belongs to the gubbermint to use.... Sigh. And here I thought it belonged to me! duh.

Shiny.

Sorry bout the spelling... Ipads are too slow for my fast fingers... Too hard to edit properly...

 

[aleks]

Oh how all those on this forum who say I am going to vote for the libs 'cause they is better must feel vindicated now

 

[JulieW]

I was interested to see in a doco referenced here on SS that Howard increased the number of public servants by 28% whilst in office and that there is now a ratio of one higher paid 'manager' to every 2 and a half 'workers'.

Highly unlikely Libs will steer the ship to a different destination imho and this gobbledeegook confirms it.

 

[Lovey80]

It always happens like that. Howard came in and cleaned out the PS then as all big governess do, increased the numbers according to those wants.

As far as Abbott is concerned. Nothing about that "point 7" indicates that he is intending on misappropriating those funds into general revenue. If done well, any government could easily tap those capital resources with the right incentives for those fund managers to invest in.

Not holding my breath though, government theft and coercion are usually par for the course and I expect no different next time. Just saying that it could be done in a manner that benefits both government and superfund holder.

 

[willrocks]

IMO it's fair to say all politicians want a piece of our super.

At the moment it's the easiest option because most people won't kick up a fuss. It's years away until they retire.

 

[Roswell Crash Survivor]

"The plans differ; the planners are all alike."
-Frdric Bastiat

"Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone."
-Frdric Bastiat

 

[Old Codger]

The Future Fund ($70 billion) and the various Super Funds ($1.5 trillion are all fully invested.

The income (about $80 Billion PA at 5%) from those funds would be a lovely "bucket of money" for a desperate Treasurer, and you can bet the Treasury Bonds have already been printed. This will reduce the new demand for shares and Sovereign/Corporate Bonds from those funds "over time" as they say. This will effect demand in both markets, shares and bonds almost immediately.

As for private investment funds the situation is the same, not sure of the figures though. But you can bet that the pollies do not yet understand that you cannot spend the same dollar twice!

JMO



OC

 

[Shaddam IV]

Oh how all those on this forum who say I am going to vote for the libs 'cause they is better must feel vindicated now

If Labor hadn't put the country into nearly 300 billion dollars of unnecessary debt then maybe they wouldn't need to steal our super. Let's vote them in for another term and see if they can get us up to 600 billion dollars debt and put 20% of the population onto welfare and pay it with money borrowed from China.

For those who are in love with Labor's unaffordable pie-in-the-sky NBN, the only way they will pay for it is with your confiscated superannuation. Think about that if you are ever one of the few connected to it.

 

[Big A.D.]

For those who are in love with Labor's unaffordable pie-in-the-sky NBN, the only way they will pay for it is with your confiscated superannuation. Think about that if you are ever one of the few connected to it.

They're issuing bonds to cover it and the revenue from the NBN business will pay for the interest on the bonds plus make a small profit on top.

It's not an expense.

It's an investment in an income producing asset.

 

[errol43]

Jonesy.. You cant beat copper wire for NBN now that copper prices are going down! down!

You will soon have NBN for next to nothing.

Regards Errol 43

 

[Shaddam IV]

Jonesy.. You cant beat copper wire for NBN now that copper prices are going down! down!

You will soon have NBN for next to nothing.

Regards Errol 43

At these prices we should install silver wire

 

[Shaddam IV]

For those who are in love with Labor's unaffordable pie-in-the-sky NBN, the only way they will pay for it is with your confiscated superannuation. Think about that if you are ever one of the few connected to it.

They're issuing bonds to cover it and the revenue from the NBN business will pay for the interest on the bonds plus make a small profit on top.

It's not an expense.

It's an investment in an income producing asset.

Revenue from the NBN business? To generate revenue you need a service that actually gets built before it's builders run out of money, a service that actually gets rolled out, and a service that is affordable so there is subscriber uptake. I think Labor's NBN is a great idea philosophically but it is un-affordable both to build and for subscribers to take up in large numbers and it is un-costed and being overseen by a twit who only learned how to send an email two years ago backed by a government that can't even install TV set top boxes without it falling over.

And now to cut costs (because it is an un-costed folly and the discovered that they can't afford to bury it) they want to hang the fibre from power poles where it can swing, degrade, get hooked by construction machinery, hit by lightning and brought down in car crashes. Let's see how a few thousand subscribers feel about having no phone or internet for a day or two after an accident while someone tries to splice fibre optic cable in the dark in the rain.

 

[Clawhammer]

Truth be told, these politicians wouldn't know their arse from their elbow when it comes to financials... some idiot in Treasury has raised it (dipping into superannuation) as a plan "D" option that probably had everyone else in his work area facepalming.

Face it.. a treasury official with a lifetime job is the only one stupid enough to come up with an idea like this. They don't have to face the political fall-out, they have a guaranteed life-long job and even though their income is relatively f-all, their super is guaranteed no matter what.

 

[Big A.D.]

For those who are in love with Labor's unaffordable pie-in-the-sky NBN, the only way they will pay for it is with your confiscated superannuation. Think about that if you are ever one of the few connected to it.

They're issuing bonds to cover it and the revenue from the NBN business will pay for the interest on the bonds plus make a small profit on top.

It's not an expense.

It's an investment in an income producing asset.

Revenue from the NBN business? To generate revenue you need a service that actually gets built before it's builders run out of money, a service that actually gets rolled out, and a service that is affordable so there is subscriber uptake. I think Labor's NBN is a great idea philosophically but it is un-affordable both to build and for subscribers to take up in large numbers and it is un-costed and being overseen by a twit who only learned how to send an email two years ago backed by a government that can't even install TV set top boxes without it falling over.

It has been costed, it is affordable for consumers and it's being overseen by one of the world's most experience network engineering executives who cam out of retirement specially to work on it. His boss happens to be an idiot but our Communications Ministers for the last fifteen years have all been idiots so the fact that the current one hired somebody competent to actually manage the project seems to be about as good as it's going to get.

The alternative, remember, is Mr Fraudband - the man with the plan to spend 2/3rds of the money getting 2% of the speed on a spaghetti ball network that will be in need of complete replacement before his bandaid solution has even finished being applied.

The copper network is dying now and it will be more expensive trying to keep it going because it's well past it's use-by date.

It's an unfortunate fact of life that sometimes stuff just wears out and you need to get a new one.

And now to cut costs (because it is an un-costed folly and the discovered that they can't afford to bury it) they want to hang the fibre from power poles where it can swing, degrade, get hooked by construction machinery, hit by lightning and brought down in car crashes. Let's see how a few thousand subscribers feel about having no phone or internet for a day or two after an accident while someone tries to splice fibre optic cable in the dark in the rain.

Probably the same as a lot of people feel now when it rains and their corroded copper flakes out.

The duct servicing my last house flooded when it rained and everyone on my side of the street would lose phone and internet until it dried out. Telstra had no plans to fix it and still hasn't according to my old neighbors.

 

[aleks]

For those who are in love with Labor's unaffordable pie-in-the-sky NBN, the only way they will pay for it is with your confiscated superannuation. Think about that if you are ever one of the few connected to it.

I guess you have a point the only people who will be connected to it will be people who use either

A telephone
Mobile phone

Or

A computer connected to the internet

I guess that maybe leaves some homeless people.

And now to cut costs (because it is an un-costed folly and the discovered that they can't afford to bury it) they want to hang the fibre from power poles where it can swing, degrade, get hooked by construction machinery, hit by lightning and brought down in car crashes. Let's see how a few thousand subscribers feel about having no phone or internet for a day or two after an accident while someone tries to splice fibre optic cable in the dark in the rain.

Yep that is pretty stupid

But then the Liberals have said 25Mb connection is enough NO 5Mb connection is plenty good (ignoring the whole NBN backflip)

So to conclude..... stupidity is a bipartisan policy

 

[Emanance]

NBN just got rolled out in my street recently, in the process of getting it connected. Don't get me wrong, but isn't it a little late for Tony to do an about face on the NBN. Canning it now would be like spending $40,000 of a $60,000 house extension adding a 3rd bedroom to a 2 bedroom house, only to stop suddenly mid project, demolish the house for another $10,000 and park a $37,000 motor home on the block.

 

[Clawhammer]

NBN just got rolled out in my street recently, in the process of getting it connected. Don't get me wrong, but isn't it a little late for Tony to do an about face on the NBN. Canning it now would be like spending $40,000 of a $60,000 house extension adding a 3rd bedroom to a 2 bedroom house, only to stop suddenly mid project, demolish the house for another $10,000 and park a $37,000 motor home on the block.

don't get too excited.
Telstra isn't allowed to touch NBN ..and the commercial guys are pretty slow mapping in the new areas.