Why get in bed with the devil if you only want to cuddle?

Reported in the Oz:

Scott Morrison will delay a decision on whether to ditch next year’s scheduled rise in the compulsory superannuation contribution until the May budget over concerns that lifting it would smash wages as the economy recovers from the pandemic.

Increasing the compulsory superannuation contribution from 9.5% to 12% will certainly not smash wages.  It will be great for the superannuation fund managers and superannuation trustees and superannuation administrators and accountants and lawyers and other hangers-on.  It’s won’t smash their wages.  It will boost them.

After all, without compulsory superannuation, would:

[T]he mean total compensation paid to surveyed chief investment officers and heads of equities was $704,167 – and 50 per cent of those interviewed earned more than $750,000, while 17 per cent snared more than $1 million. The mean base salary – pre-bonus – was $400,000.

Read the rest here

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5 Responses to Why get in bed with the devil if you only want to cuddle?

  1. iamok

    Let’s not forget the Portable Long Service Leave Authority which means that businesses who are required to do so must not only accrue staff LSL entitlements in their BS (of course), but also must PAY those amounts to the PLSA in cash each 1/4. This includes for casual staff. Double dipping, fucking up cash flows. Another great government bureaucratic solution to a marginal problem, that costs far more than it gains.

  2. 2dogs

    concerns that lifting it would smash wages as the economy recovers from the pandemic

    It certainly won’t in nominal terms. Inflation after the restrictions is going to be huge. 1980’s levels.

  3. H B Bear

    Superannuation is just another expensive (Liar) failure.

    Scrap the whole system.

  4. covid ate my homework

    A ponzi scheme of the highest order! Promises, promises. However it does keep gov’t workers busy for half their week calculating their future wealth. Government tells us that there will be no money to pay pensions in the future, how will they pay super which is one of the largest unfunded liabilities on the national balance sheet.

    Never mind, the Great Reset will sort it all out.

  5. Albatross

    covid ate my homework
    #3666385, posted on November 21, 2020 at 9:07 am
    […]
    how will they pay super which is one of the largest unfunded liabilities on the national balance sheet.

    YOU pay for super in foregone wages. The industry has a big piss-up on your dime and doles out whatever’s left of YOUR MONEY after they’ve had a skinfull.

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