We’ve only just begun

We’ve only just begun to live
White lace and promises
A kiss for luck and we’re on our way
(We’ve only begun)

Reported in the AFR today is Industry super’s plan to ‘reshape’ business for the long term.

Interesting.  Very interesting.

According to former ACTU supremo and Labor Minister, Greg Combet who now chairs both Industry Super Australia and IFM Investors, which is owned by industry funds said:

super funds wanted to partner with government and business

Yes.  The 3 horses of the economic apocalypse – big government, big business and big labour – working together.  That will be a treat.  Then Mr Combet said:

I think from an Australian national interest point of view, obviously it’s desirable to maximise how much capital can be deployed into the domestic economy,

But to maximise investment in the domestic economy for the good of society some things have to be tackled as a consequence of the royal commission.

But are industry funds meant to me managed for the national interest or for the members’ interest?  Don’t worry.  If they don’t behave, don’t worry, the industry funds will just invest your money overseas.

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25 Responses to We’ve only just begun

  1. stackja

    Paul Keating’s gift to who?

  2. tombell

    “for the good of society”. Once you see those words; be afraid, be very afraid.

  3. John Constantine

    RICO laws to dismantle the union super funds.

    Halt the theft of peoples wages as the super tax, put it back in their hands to grow the economy [ ending the super tax and increasing the discretionary financial ower of the proles by twelve percent minus tax economy wide would be more of a stimulus than importing a couple of million voters from the worlds poorest countries every decade.

    Comrades.

  4. BoyfromTottenham

    Yes, I get it. Perhaps that is why Australian Super only achieved a 1-3% return in the last 12 months. Not good for us retirees. Another 3 years of this and I will be eligible for a government pension. Quelle surprise!

  5. Dr Fred Lenin

    If super funds had existed in those days no doubt the socialist Hitler would have brought them in to finance with his nstional socialost governmet and crony billionaire capitalists to help theGerman socialist fascists rule the world .
    Instead of the Russian socialist fascists.

  6. Hay Stockard

    I knew this was the plan when Keating brought in compulsory superannuation. What a horrible little man.

  7. Bruce of Newcastle

    In the Oz this morning (paywalled):

    EXCLUSIVE
    Treasurer’s super war on activists

    The Treasurer has sounded the alarm on financial activism, warning unions are “pressuring superannuation funds”.

    Hopefully that means the Libs will go hard on the ALP and their bruvvers getting their sticky little fingers on everyone’s super. Add in the franking credit ripoff of everyone except ‘industry’ super funds and the capital gains tax ripoff likewise and the ALP sure is breathtakingly arrogant.

  8. Big Government, Big Business, Big Laour, AND Big Media.
    Don’t forget that Combet is married into the ABC.

  9. …ALP sure is breathtakingly arrogant.

    Unfortunately, all of this is aided and abetted by the MSM.

  10. PB

    Socialism with Chinese characteristics.

  11. Aynsley Kellow

    ‘I think from an Australian national interest point of view, obviously it’s desirable to maximise how much capital can be deployed into the domestic economy’ Don’t tell the Shadow Treasurer! He thinks dividend imputation encourages too much investment in the Australian economy.

  12. Tezza

    We also have Paul Howes telling us that under an ideal superannuation system, we’d all die penniless.

    During the House of Representatives economics committee inquiry into Labor’s proposal to ban excess cash refunds for franked dividends, many retirees have complained the opposition proposal would limit their ability to leave a decent inheritance for their children. “At the end of the day, their ­account balance should be zero (at death),” Mr Howes said. “When we look at the design of the system, I think it’s important to have that at the forefront of our minds.

  13. duncanm

    bemused
    #2950067, posted on March 4, 2019 at 11:11 am
    …ALP sure is breathtakingly arrogant.

    Unfortunately, all of this is aided and abetted by the MSM.

    and the average voting idiot who doesn’t understand financial concepts beyond cheques for plasma tellies.

  14. John A

    stackja #2950019, posted on March 4, 2019, at 10:41 am

    Paul Keating’s gift to who?

    I hope you speak ironically or sarcastically because it was no gift at all, except to the government.

    It was the diversion of a promised tax cut (it’s the law – L-A-W law) from our hands into a new scheme so we could not get hold of it until retirement.

  15. John A

    Carpenters – highly talented, beautiful harmonies but a sad end to Karen: captured by the demon of false body image.

  16. bollux

    Give a Socialist a fat paycheck and the next thing you know, they want to hobnob with Capitalists, or horrors, even become one.

  17. Dr Fred Lenin

    All that luverly money ,there for the taking all you need is enough voters to give you the right to loot it . Theft by government ,goes on all the time ,abolish career politics that might keep the bastards hands off other peoples mony .
    The causes of corruption are career politicians mpolitical gangs known as parues ,compulsory voting and preferential voting a structure built to maintain corruption .

  18. Fat Tony

    Can you lot stop complaining for once please??

    We have to do our bit about tackling climate change so think of the solar panels and windmills our superannuation can buy!!

    See, if we don’t spend our super this way, in 12 years the world will end anyway so we won’t be needing it.

    And, don’t forget, our betters always need another billion, so don’t begrudge it to them.

  19. max

    The American political system has been soft-core fascist for almost a century. Liberals love to call conservatives fascists. The problem is, the liberals are right. Of course, well-informed conservatives like to call liberals fascists, and they are correct, too. Everyone who believes in the efficiency of the so-called government-business alliance is a fascist.
    The fascist state has always been an attempt to control private industry by means of inflation, taxation, and regulation. Fascism has always been a system of keeping the big boys alive and happy at the expense of the taxpayers. Of course, the faces change. The system was always one gigantic system of cartels, regulation, and fiat money. It was, in short, everything that the critics of modern capitalism say is wrong with capitalism.
    The modern economic system is one gigantic interlocking system of promised bailouts, beginning with Social Security. In commerce, it is a system designed to keep large producers protected from consumers. It has never been anything else ever since the national political triumph of the Progressive movement in the fateful year of 1912. In that year, the three candidates for president were statists to the core, all followers of the Progressivist doctrines, all advocates of central banking, and all happy to see the federal government expand control over business throughout the country — and throughout the world.
    This is not the story we get in the history textbooks, because the textbook writers love what was done in 1912 and subsequently. The public school system has taught that this was the salvation of capitalism ever since.
    We are now seeing the unraveling of the entire system, all over the world. Whatever happens from this point on, economic production will be hampered by ever-increasing regulation. The government is now intervening to save the banks, which means that the banks are beholden to the government.
    Fractional-reserve banking has been a con job from the beginning. Rothbard and Mises pointed this out, and they were hated for it. ( Nation’s first de facto central bank opened in Philadelphia on January 7, 1782 ).

    https://mises.org/library/economic-fascism-and-bailout-economy

  20. DaveR

    (industry) superfunds want to partner with government…

    What do you mean want to? They have been partnering with ALP governments for years. Why do you think the industry funds on average are so overweight renewable energy, and are a new major force in construction finance? The new banks on the block, following Labor policy wherever it goes. The banking royal commission wanted to move onto the industry funds next… but no go.

  21. Squirrel

    “I think from an Australian national interest point of view, obviously it’s desirable to maximise how much capital can be deployed into the domestic economy,..”

    At, or near, the top of the list will be the Mother of All White Elephants – the east coast Very Fast Train, which will never even come close to paying its own way, even with the “value capture” taxes that pocket-picking pollies and bureaucrats are salivating at the thought of. It’s basically just a gigantic vote-buying gimmick, and, in recent times, a prospective excuse for continuing and spreading the Big Australia population ponzi scheme.

  22. jupes

    Didn’t Tony Abbott give a job to this clown?

  23. Rob MW

    I think from an Australian national interest point of view, obviously it’s desirable to maximise how much capital can be deployed into the domestic economy,

    Well first you must double capital gain taxes then you must fuck negatively geared housing market to make it so just 2 sheets of iron represent affordable housing – mum carries the contents in her handbag – then you must making cooking a meal optional and being in bed before the sun goes down mandatory then you must fund regulatory relief for your favorite corporate sponsors then you must find and fund as many victims, colours (other than white), identities and diabolically miserable unrootables as possible then you must save your personal living standard by democratically transferring to the State as much personal and real property as possible then you must make super sure that all personal pensions and inheritances belong to the State and on the approved activities side, the State must fund all sales and consumption of Vodka.

    A standard Davos economic theory !

  24. Pyrmonter

    The ABC are running doom-saying ‘analysis’ from IFM Investors (Industry Funds Management …) without hesitation. Our ‘impartial’ National Broadcaster …

    https://www.abc.net.au/news/2019-03-03/households-living-standards-drop-on-gdp-per-capita-recession/10858812?section=analysis

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