Tag Archives: ISN

How The Media Uncritically Enables The Growth Of Super(annuation) Parasites

19 May

I fear there are no words to adequately express my contempt for the so-called “journalists” in our mainstream media.

So I won’t even try.

See for yourself, dear reader, whether my headline is apt, or no.

Here is Sid Maher & Joe Kelly of The Australian (my bold added):

Levy hike deferral ‘to cost $55bn’

INDUSTRY super funds have warned that Tony Abbott’s planned two-year delay in increasing the superannuation guarantee will cost workers a combined $55 billion in lost retirement earnings over seven years.

The warning from the Industry Super Network came as business groups split over the Opposition Leader’s budget reply speech…

[…seven paragraphs of diversionary bullsh!t posing as “reporting”…]

Industry Super Network chief executive David Whiteley said the proposed delay in the compulsory increase would result in a cumulative impact of $45bn less in super savings in the system over the next seven years.

“The figure rises to $55bn when the Coalition’s proposed abolition of the low-income earners’ superannuation concession is also taken into account,” he said.

ISN economists had estimated the delay would yield short-term budget savings of $1bn per annum over the next seven years but reduce super inflows by more than $5bn per annum.

Er… Sid? Joe? Hello … anyone home?!

How exactly did the Industry Super Network come up with those figures that you have reported parrotted from their press release, oh so authoritatively?

Click to enlarge

Click to enlarge

Did the ISN show you their modelling?  Their assumptions?  Their raw source data?

Did you not see a big red flag waving when you read their press release (er.. you did read it, right?), claiming that the decision would “reduce super inflows by more than $5bn per annum”?

Did it not occur to you that these folks make their “living” from the fees they plunder off those “super inflows”?

Is it at all possible that the “economists” of the ISN are little more than completely full of sh!t, rent-seeking societal parasites,  who have concocted some very convenient, nice-big-round-multiples-of-five numbers ($55bn, $45bn, $5bn) — forecasts, no less — for no other reason than to pressure Coalition politicians into changing policy, hoping to ensure that they do receive their long barracked for, extra super “inflows” / income stream?

“Given the enormous cost to [our much-anticipated income stream boost] … ISN urges the Coalition to reconsider its plans.”

Oh yes, one last question.

Where (and when) did the ISN’s blonde Campaign Manager last take you boys out to lunch?

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