D-DAY FOR THE AGE PENSION

It is an indisputable fact that pensioners in Australia have been underpaid for more than a century. Nevertheless, little mention of it is being made in the Australian Election of 2016. In truth, there is a defining silence surrounding it for reasons that totally escape me.

Be this as it may, the time has come to correct this huge blot on the humanitarian record of our nation, particularly as a UN Report has stated that 50% of Australian Pensioners live on or below the poverty line. This is intolerable in a prosperous nation. Continue reading “D-DAY FOR THE AGE PENSION”

The Superannuation Revolution

(An expanded version of my earlier article entitled The Use and Abuse of Superannuation)

Even those who do not like him will acknowledge that Australia owes a huge debt of gratitude to Paul Keating.

During his term as Prime Minister two decades ago, he established compulsory superannuation despite a hostile Opposition that declared it to be a step towards socialism.

A few weeks ago, I chaired a Per Capita function in Sydney at which Keating reminded the capacity crowd that the original intention of his superannuation legislation was for everyone to accumulate as much Super as possible thereby ensuring that, in all of our retirement years, we could enjoy a lifestyle better than that which is the lot of someone who struggled to survive on the age pension.

The Keating plan was for every one of us to draw down all of our superannuation capital and income within our anticipated lifetime. It was never ever intended that anyone would leave their Super as a legacy to their family. Such a legacy is, in reality, a taxpayer funded gift. Continue reading “The Superannuation Revolution”

THE USE AND ABUSE OF SUPERANNUATION

(For an expanded version of this article see also “The Superannuation Revolution”)

Australia owes a huge debt of gratitude to Paul Keating.

He established compulsory superannuation two decades ago despite a hostile Opposition that declared it to be a step towards socialism.

A few weeks ago, I chaired a Per Capita meeting in Sydney at which Keating reminded the capacity crowd that the original intention of his superannuation legislation was for everyone to accumulate as much Super as possible thereby ensuring that, in all of our retirement years, we could enjoy a lifestyle better than that which is the lot of someone on the age pension. Continue reading “THE USE AND ABUSE OF SUPERANNUATION”

Is Super very Super?

A comment on the explosive election issue of Superannuation

There are few, if any, certainties in life. Nevertheless, I am willing to put significant money on the real possibility that the September Federal Election will be decided by the votes of the rapidly growing ranks of Seniors, many of whom are not happy chappies.

Right now, there are a number of issues that will determine where the Oldies vote will go. One is the desperate shortage of Age Friendly Housing, while another is the blatant discrimination against Seniors who want to stay in the workforce or return to it. However, the most powerful one is the uncertainty and complexity of Superannuation, combined with the poor financial returns that come from it.

Let me lead you through a chat about my view of the basic principles of how a good National Superannuation Program could best be run, without commenting on any details of the complex legislation that has grown-up around it so ridiculously in Australia over two decades. Continue reading “Is Super very Super?”