Tag Archives: vested interests

Three-Quarters Of Turkeys Vote For Christmas Super

20 Mar

From Yahoo!7 News:

Three-quarters of Australians support having the superannuation guarantee lifted to 12 per cent, an ACTU-commissioned survey has found.

The union movement is releasing polling results as the Senate prepares to vote on the mining tax, which would fund the three-percentage-point increase in the super contribution.

The online poll of 1000 people found 75 per cent of respondents to be in favour of the policy.

*Thump* *Thump*

Yes, dear reader.

That is the sound of your humble blogger beating his chest, to restart his shocked heart.

Stunning, is it not?

75% of people surveyed like the idea of getting money for nothing.

Because that is what the average Aussie thinks an increase in “compulsory superannuation” means.

More money for moi. Without doing anything whatsoever to earn it.

Little do they realise that any and every increase in compulsory superannuation, must be paid for by their employer.

And most Aussies are employed by small businesses, who are struggling like never before.

Indeed, there was a 48% increase in small business bankruptcies last year.

Your humble blogger has lots of anecdotal evidence from fellow small businesspeople, who say that they simply can not afford to pay extra superannuation, and will have no choice but to reduce hours and/or terminate staff if the government forces them to increase super contributions for their employees.

This survey is a classic example of turkeys voting for Christmas supper.

Because even if you are confident that your job will be unaffected, the fact is that you will suffer too if other people lose their jobs due to the government jacking up the rate of compulsory super.

How so?

Other people losing their jobs means one or all of the following consequences, that will eventually impact on you too:

Increased unemployment => reduced retail spending => more job losses => mortgage arrears increase => forced sales of homes => house price falls => bank “assets” value fall => bank credit ratings cut => increased cost of funding for banks => increased interest rates => more reductions in retail spending => more job losses => more mortgage arrears => more forced sales of homes => more house price falls => more bank “assets” value fall => more bank credit ratings cut => more increases in cost of funding for banks => more increases in interest rates =>  more reductions in retail spending => more job losses => more mortgage arrears => more forced sales of homes => more house price falls => more bank “assets” value fall => bank/s collapse => government taxpayer bailouts => “austerity” policy => increased taxes => more business failures => more unemployment => GET THE PICTURE?

At least there is one (1) politician who does seem to understand that small business is struggling, and simply can not afford to pay increased superannuation.

No, it’s not Barnaby Joyce.

It’s Andrew Robb:

TONY Abbott’s finance spokesman, Andrew Robb, has re-opened old divisions within the Coalition’s economic team over superannuation with an attack on Labor’s plan to boost workers’ retirement savings.

As Labor prepares to spruik the benefits of the super changes with moresuper.gov.au – its new website – predicting workers could be $100,000 better off at retirement, Mr Robb has again raised concerns about the impact on small business.

The Sunday Herald Sun can reveal Mr Robb, a senior members of the Liberal leader’s economic team, surprised colleagues with an attack on Mr Abbott’s policy not to repeal Labor’s boost to workers’ super if he wins office.

Andrew Robb has been on to this danger since at least November last year:

OPPOSITION finance spokesman Andrew Robb was excluded from the meeting where the Coalition’s leadership group decided it would not oppose the government’s planned increase to compulsory superannuation.

Senior Liberal sources said Mr Robb was “ropeable” at the decision to exclude him from the Friday telephone hook-up between the opposition leadership group and assistant Treasury spokesman Mathais Cormann, chaired by the Opposition Leader, that decided to back the super guarantee rise.

The opposition finance spokesman is understood to be pushing a message that a Coalition government will need to live within its means. He is understood to believe that with federal debt approaching $250bn the superannuation increases are unaffordable. Mr Robb previously said that at a time when many small businesses were struggling they could not afford to pay the extra compulsory super.

Andrew Robb is right.

His being right means … of course … that his viewpoint must be excluded.

Even by his own party colleagues.

Ain’t “democracy” grand?

Oh yes … about that headline story, of all the turkeys voting for Christmas.

The respondents to the survey weren’t the only turkeys having their say:

ACTU president Ged Kearney said the next few days were the last chance to pass the legislation before parliament went into a long recess ahead of the May 8 budget.

“It is time for all parliamentarians, including the Liberals, Nationals, Greens and independents to stop putting at risk the retirement savings of working Australians,” she said in a statement.

Take three (3) wild guesses at who makes millions from fees and commissions (and more) on compulsory super for employees that is paid into UNION industry super funds?

Your first two (2) guesses don’t count.

Anyone else in favour of lifting the rate of compulsory superannuation?

The Australian Institute of Superannuation Trustees, the peak body for the $450-billion non-profit sector, is also delivering the government several thousand online and petition signatures.

Ummmmm … hello?!

What was it that Wayne has been banging on about lately?

Something about “vested interests” that are “threatening our democracy”, wasn’t it?

We are living in a nation populated, and ruled, by self-interested turkeys.

If only the ruled turkeys knew the consequences of voting for Christmas supper.

If only they knew that both sides of parliament already have formal policies and systems in place to steal their super, when the time is right.

*Gobble* *Gobble* ….

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