Unintended consequences
Paul Keating envisaged a superannuation system which funded the aged in retirement. It has turned into a giant tax shelter where wealth is captured and passed on to descendants, and where falling home ownership was not factored in. Harry Chemay reports.
Source: Falling home ownership: the elephant in the superannuation retirement room – Michael West
Andrew Bolt has spent a lifetime of dutifully projectile vomiting Murdochian corporate propaganda in our face. He truly does need exorcising.
The question amounts to ” do we want a fairer Australia or not” Treasurer Jim Chalmers asked that question as history has shown us the rich have got richer and the poor poorer by unbelievable margins. So does this minor change now seem so unreasonable?
The Age and the FSC’s “new analysis” seems to indicate it is. No mention of the fact that the 500k people in some distant future of 50+ years will amount to 3% of some 18M people. Indigenous Australians are 3% of the Australian population and we havent given a fuck what happened to them for over 200 years. No predictions are made about the wage vs profit distribution imbalance currently 8%. If that’s maintained the average Australian family will be living below the poverty line and with zero super just as the unemployed on Job Seeker are today. It seems The Age and the FSC aren’t interested in a fairer outcome for all Australians only for some.
When the analysis is applied to all workers aged 25 and over, it finds the full impact would extend to 526,071 workers over their working lives and into retirement, a period that would cover at least five decades.
Source: Superannuation changes: Super tax could one day hit six times the workers the government claims
Westpac has continually failed to answer questions about the extent of its short-changing of customers through its superannuation entity BT, writes Anthony Klan.
Source: Westpac and ASX silent as BT gouged over a billion from customers
Despite being aware of the Westpac superannuation gouging scandal, ASIC failed to take any action resulting in the loss of billions in super funds. Anthony Klan continues his report.
LNP has plans to offer superfund management totally to Private Equity firms despite the fact Trade Unions have provided their members with the best outcomes and lowest fees. (ODT)
The notion that super tax breaks are some kind of reward for Liberal party supporters’ votes and donations is macabre and disturbing
Hockey in his eagerness to do something right for a change tripped and found himself licking Palmer arse. He’s delayed the increase in compulsory super from 9.5% to 12% for another 7 years. Of course Joe magnanimously said the workers will see that extra money in their pay packets. A straight out lie because employers are not obligated to pass it on.
Tell me an employer that will pass on a 2.5% wage increase when they are not obliged to. His man will go down in history as little more than a waste of space. Please explain Mr Treasurer
‘If it stays with employers the best way to grow superannuation in Australia is to have a stronger economy because ultimately because superannuation is invested back into the economy’
If the employer keeps the money Joe it’s not my super Joe it’s his new Merc or his overseas trip. It’s the Christmas present my wife or kid just might miss out on. Maybe the school excursion. What utter horse shit is the man saying the improvement in my employer’s life style is good for the economy. That’s as Liberal as you can get and Abbott is running the same line on this.
olddogthoughts 