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Superannuation (Super) was started to free Australia from the ever rising costs of pensions.
Instead of someone existing on a tiny little pension after retirement they'd become a member of a super fund and when they retire they have more money available to them.
Before they retire they regularly contribute money to the fund and their money is invested by the fund where there is likely to be a high return providing the fund member with more money upon retirement.
There are calls to force super funds to be invested in building the infrastructure.
If the economy was booming then the super funds would invest more in the country.
Super funds exist solely for the benefit of workers to fund their retirement and must have the freedom to invest where the return is the highest, not be stifled by the someones ambitions of looking good at someone else's expense.
And that's the key point, the funds are solely there for the fund members, superannuation has no obligations outside of those members, it certainly isn't a special reserve fund that someone just has to work out the secret for getting their hands on it.
I don't want less of a return on my future security just because someone wanted something built to make themselves look good.
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- Jeremy Michaels
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2 comments:
Here are a couple of relevant quotes related to this.
Everybody understands that funds must only ever invest on commercial terms and for commercial returns; superannuation is not a piggy bank for marginal projects.”
The money in super is neither the Government’s nor the funds’ — it belongs to the fund members and they expect their money to be invested prudently and for the long term. They want their money to achieve maximum growth, for minimum risk, over the agreed time period.
I see in Ireland now that the pension funds are being ransacked to help bail out the banks, and 'restructure' the bank's debts as an IMF 'loan'. Same situation has happened in Hungary, and now the French are considering doing something similar.
That is the path that Australia is heading down as well .. guaranteed.
When this inevitably happens, we cant say it was a surprise. The only hope for any country to regain their sovereignty in the future is for the whole international banking cabal to collapse.
The time for that collapse will soon be upon us. The US has already collapsed .. Ill give it another 3-6 months until the effects of that collapse are out in the open and obvious to all.
They cant keep hiding everything under a blanket of fraudulent paper forever.
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