Super Hypocrites

The fat-cats extolling superannuation reform are always sure to limit changes to those that affect others, never themselves.

Super Hypocrites
Photo by Aditya Joshi / Unsplash

The government have got big spending plans and not enough cash to pay for them. That means Labor are after your money.

I warned you about this weeks ago when treasurer Jim Chalmers wrote his neo-marxist essay about reinventing capitalism.

As is typical of the left, what they put forward barely affects their friends but targets their political enemies.

Take the superannuation debacle Labor havGOVT FLOATING FAT CAT SUPERe created. After promising before the election NOT to touch super, they’ve been flying kites around massive changes to be announced in the budget.

After a backlash, they are crab walking away from that now but it is insightful as to their intentions.

What Labor were suggesting would have enabled the Union led Industry super funds to become even stronger. That would have kept the stream of donations, sponsorship and jobs for the boys flowing Labor’s way.

But what about their mooted ‘cap’ on your super? It’s a policy of class warfare and Labor knows that imposing a limit on super will appeal to many.

We are told that the average super balance is $150,000 and when we hear about those with millions in super, it’s only natural we might feel a little hard done by.

But this is where principle is important. If people chip in to super under the rules of the day, how is it fair they are then penalised because the government change their mind?

I said the same thing when Scott Morrison was treasurer and he and then minister Kelly O’Dwyer stuffed around with super. In that respect it’s bipartisan stupidity.

But what gets me about this latest move is the hypocrisy.

We’ve got fat cat superannuants like Anthony Albanese and Wayne Swan dissing the people who have put their own money into legal super schemes.

And here’s the thing they don’t want you to know. Both of these chaps are on defined benefit pensions  which means they get a guaranteed annual payment ( from the government) every year for the rest of their lives. And when they die, 75% of that amount goes to their partner for the rest of their lives.

I’m guessing albo is on track to get around $300K year and Swan somewhere over $200k.

To generate that sort of return with zero risk would require a super portfolio valued well in excess of $5 million.

But the ‘caps’ these guys want to introduce, won’t apply to them…or any other politicians or public servants on the defined benefits pension system.

When you tackle any of them on it, the inevitable response is ‘But they were the rules when we started and you can’t change it now’.

Again, what hypocrites!

They can change the rules about your super but won’t do a thing to affect themselves. Rule by the elites for the elites.

If labor really want to save money, they’ll cut public servant super payments back to the same as the private sector. That’d save $1,2 billion every year. Then they could cap the defined pensions to a maximum of 100K or so.

They won’t of course because they have one rule for you and another for themselves.

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