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Many happy super returns.

August 19th, 2011 No comments

Letter to editor of AFR in response to article, naturally not published.Dear Sir/Madam.
In the article “Many happy super returns” it is written that “The treasury estimates that in 2050, 60 years after the introduction of the super guarantee, 75% of retirees will still be eligible for a full or part age pension.
It is also stated that ASFA estimates the super sector accounts for 45 per cent of the finance industry, which in turn is the largest industry, accounting for 10% of the GDP.
Furthermore it says “Just as the industry is campaigning to increase the super guarantee to 12%, it has been caught red-handed operating a gravy train, arguably more for its own benefit rather than that if of members.This is what Bill Shorten said,” “The simple reality is that upping the super guarantee to 12 per cent is a huge boon for the industry”
It’s one absolutely founded in good public policy, but there is no denying it will benefit your business enormously.
In view of all this, it is obvious that the compulsory super is just a big fraud, run for the benefit of the financial industry, and the elite, which can run their own Self Managed Super Funds, and having sufficient funds to be independent of the age pension, but in turn benefitting much more from the tax concessions.

Yours truly
Hawil

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