Stephan Molyneux on the fall of Australia.

[bordsilver]

Unless you are charged (not convicted) with a serious drug crime in which case asset seizure laws can be enacted.

 

[Willow]

BUT the accounting does not include the Future Fund assets which was created specifically for this issue. As at 31 March 2013 the value of the Fund's assets was $85.17 billion.

Consequently, contrary to Molyneux's comment, the "actual" funding gap (in NPV terms) is currently closer to $60 billion. Complicating matters, based on future returns/growth etc in the Future Fund the actuary reckons the asset level needed to satisfy all of the future unfunded liabilities (called the Target Asset Level) is actually only $115.2 - hence the liabilities could (hopefully) be met if the Future Fund received an asset boost of approximately $30 billion.

Thanks for this, I was not aware there was any future fund assets left. I thought the current government spent it all.

 

[AngloSaxon]

Thanks for this, I was not aware there was any future fund assets left. I thought the current government spent it all.

If Peter Costello was smart he would have written clauses into the Future Fund legislation preventing it being spent all at once or spent within certain number of terms of government.

Given how drastically wrong Wong and Swan have been on their Labor budgets, having any money left over anywhere would not be by accident. Otherwise they wouldn't be raiding super and savings and cutting allowable income tax deductions.

 

[Willow]

first video at 9:10 "they dont just instantly become Socialist assclown bureaucrats" hilarious turn of phrase.