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[SilverDJ]

Sorry Shiney, I still have no interest in your personal opinions or point of view so kindly stop directing your comments towards me.

But he's right.
Anyone who thinks the government is going to raid their super is delusional.
Guess who has to make those decisions? The politicians.
And guess who has a metric crap ton of their own money tied up in super...

 

[dross]

But he's right.
Anyone who thinks the government is going to raid their super is delusional.
Guess who has to make those decisions? The politicians.
And guess who has a metric crap ton of their own money tied up in super...[/QUOTE]

SilverDJ, he might be. Their are many ways in which to get their hands on your super (changing rules, tax rates etc.) doesn't need to be an outright snatch & grab. Theirs no shortage of pollys having 1 rule for them & 1 for the rest of us, a work around if you like. We are in unprecedented times globally, i don't claim to know what will happen & anyone who does is clearly more delusional than me.

It was a personal belief being shared in response with a particular member, never claimed it to be anything other then that. The fact that it was cherry picked as it didn't suit someones indoctrination into the Little red book of MMT which has clearly been quoted verbatim & conveniently served to further denigrate & ostracize others is a pathetic excuse to divert attention away from the purpose of this thread IMHA.

 

[GoldenEye]

Government could easily claim super funds are investing in very risky assets and they need to have a percentage in "safe" Government Bonds (paying zero %). This way you still have your money, but they also get to use it as well, with the stroke of a pen.

 

[mmm....shiney!]

SilverDJ, he might be. Their are many ways in which to get their hands on your super (changing rules, tax rates etc.) doesn't need to be an outright snatch & grab. Theirs no shortage of pollys having 1 rule for them & 1 for the rest of us, a work around if you like. We are in unprecedented times globally, i don't claim to know what will happen & anyone who does is clearly more delusional than me.

It was a personal belief being shared in response with a particular member, never claimed it to be anything other then that. The fact that it was cherry picked as it didn't suit someones indoctrination into the Little red book of MMT which has clearly been quoted verbatim & conveniently served to further denigrate & ostracize others is a pathetic excuse to divert attention away from the purpose of this thread IMHA.

You're more sensitive than I am!

Cherry picked? And I quote you:

too tempting pot of gold for broke Govt s

And I said governments can't go broke so don't make your investment decisions based upon the notion that you think governments will raid our super because they'll be broke. You didn't mention anything else about changing rules, taxes or pollies, just broke governments raiding super funds.

By the way, have you read the "Little red book of MMT"? I'd be interested to hear your views on it as I've never even heard of it.

 

[mmm....shiney!]

This way you still have your money, but they also get to use it as well, with the stroke of a pen.

They don't need to because they don't need to use our money.

If they want to spend money they just create more. If they want to do a spot of social manipulation* in order to win them some votes, such as trim the funds of the wealthy in order to show that they're committed to whatever the dominant philosophical paradigm of the time is in social media circles, then sure, they'll do that. But they don't need our super to supply them with spending money.

*Edit to add: @jultorsk's bit below about the AFR article that @dross linked to is another example of a government manipulating superfunds in order to play "social controller".

 

[jultorsk]

The paywalled AFR opinion piece above was interesting. The angle was in essence it's indeed about politics - offering an alternative to Industry Super Funds could be a way to weakening the Unions (and presumably by proxy - the Labour Party). Should this happen, by consequence would likely follow an atrophy of the current Super Funds. (I understand this is not the topic of the thread nor relevant right at the moment - just another fly in the proverbial to consider).
--
"The Morrison government appears to be inching inexorably closer to a full nationalisation of the country's $2.7 trillion superannuation system.

The nation's capital may be experiencing a scorching heatwave, but senior Liberal ministers are hard at work, coming up with fresh plans that would wrest control of the country's retirement savings away from the union-affiliated industry funds.
-
As revealed by The Australian Financial Review, [the government] is now weighing up a scheme that would channel the almost half a million new workforce entrants each year - with their $1 billion in initial super contributions - into a government-run fund.

This new fund would rely on the expertise of the government-owned $149 billion Future Fund to make the high level decision on asset allocation - how much money, for instance, it should put into equities, and how much into bonds or property.
-
In the first place, there'll be major consequences for the industry. Existing retail and industry funds will atrophy as the contributions of new workforce entrants flood into the new government-run scheme. With little hope of attracting new members, existing funds will be relying on the inertia and indifference of their members to keep their doors open.

But over the longer term, even apathy won't be enough to save them. They'll suffer an ongoing outflow of funds as their existing members reach retirement age, and withdraw their super savings from the fund.

As their membership numbers and funds under management dwindle, trustees will be faced with the difficult decision of whether they should increase fees and charges to cover the relatively fixed operating costs, which will whittle down their members' retirement savings."

 

[SilverDJ]

But he's right.
Anyone who thinks the government is going to raid their super is delusional.
Guess who has to make those decisions? The politicians.
And guess who has a metric crap ton of their own money tied up in super...

SilverDJ, he might be. Their are many ways in which to get their hands on your super (changing rules, tax rates etc.) doesn't need to be an outright snatch & grab. Theirs no shortage of pollys having 1 rule for them & 1 for the rest of us, a work around if you like.[/quote]

Got any evidence of that when it comes to super or other investments like say property or other things?
Sure they get their juicy parliamentary pension, but beside that, what's your evidence?[/QUOTE]

 

[jultorsk]

The online application form is now open in MyGov. They say it'll take up to 4 days to receive the decision.

 

[mongrelmaple]

It’s a super easy process, just answer a few questions and the amount you’re looking to take out of your super. Turnaround from time of application to approval was just over 48 hours! Depending on your super fund and bank, funds land in no more than 5 business days.

 

[Alloy]

Can someone please explain what "super" means in this context? Sorry if I missed it. What country is this about?

 

[RobHDiaz]

Can someone please explain what "super" means in this context? Sorry if I missed it. What country is this about?

superannuation, money put aside when you work for your retirement by the employer, it's paid to your super account / like an investment account in the share markets (investment), can't touch it until you're retired, or unless in emergency. But if you want the wiki explanation:
Superannuation in Australia are the arrangements put in place by the Government of Australia to encourage people in Australia to accumulate funds to provide them with an income stream when they retire. Superannuation in Australia is partly compulsory, and is further encouraged by tax benefits.

 

[StewyD32]

Can someone please explain what "super" means in this context? Sorry if I missed it. What country is this about?

Over here in OZ, your pension is called superannuation or 'super' for short.

 

[Alloy]

Over here in OZ, your pension is called superannuation or 'super' for short.

So it's invested and earns a return? That sounds better than the US Social Security system, which doesn't invest the money. Does Australia also have a Social Security style system, or is it all invested?

 

[Silverling]

So it's invested and earns a return? That sounds better than the US Social Security system, which doesn't invest the money. Does Australia also have a Social Security style system, or is it all invested?

Yes well it usually makes a return however when share markets crash like they have in the 6 weeks you also have temporary losses too. The averaged balanced fund is down between 5 to 10% this financial year. What should have pointed out is that Super is your private pension scheme a bit like the US 401K. It is mandated by the government that your employer must put in a percentage of your salary each week.

We also have a full on Social Security Scheme as well which is fully funded by the Australian Government. Most Australian aged pensioners receive at least a part government pension as well because they have not accumulated enough funds in their Super during their working lives. Compulsory Super has only been around since 1993 and some older people have already retired and do not have sufficient funds and that's where you can get a Government Old Age Pension on top. Here is a link to some more material, cheers.

https://www.superguide.com.au/accessing-superannuation/age-pension-rates

 

[mongrelmaple]

So it's invested and earns a return? That sounds better than the US Social Security system, which doesn't invest the money. Does Australia also have a Social Security style system, or is it all invested?

Australias Superannuation, is basically what Americans refer to as their 401k.