Kevin Rudd wants to spend OUR superannuation !! (1 Viewer)

[chicky_pie]

:burn: :burn: :burn: :burn: :burn:

The federal government could unlock billions of dollars worth of superannuation to invest in major projects to help protect the economy from the world financial crisis.

Fairfax newspapers report that federal Infrastructure Minister Anthony Albanese has held talks with the heads of superannuation funds this week to persuade them to invest in projects with the potential for commercial returns that would be fast-tracked by the government.

Mr Albanese said he had discussed with executives the prospect of freeing up superannuation dollars for "nation-building" projects but said the government could also fund projects itself if credit was short and the economy needed a further boost.

"The government has always said that it regards investment in infrastructure as not just a cost," he said.

"We are determined to pursue our nation-building agenda."

Congestion in ports and urban areas were likely to be the first targets of the infrastructure program, with projects selected based on a cost-benefit analysis by independent accounting firms, Mr Albanese said.

A priority list of projects will be considered in December, he said.

States would not get a set percentage of the funds, he said.

"We've made it clear that Infrastructure Australia's brief and the government's brief doesn't include a proportional response to the states," he said.

"This will be a national list based on the national interest."


http://news.ninemsn.com.au/article.aspx?id=648574

 

[Nebuchanezzar]

they can have my money. all $41 or so of it.

 

[KFunk]

they can have my money. all $41 or so of it.

Haha, I always enjoy receiving the statements for my ~ $1 super fund. It is slowly being whittled down by administration costs.

 

[zstar]

Forget about Superannuation, It's a scam.

The time now is to buy stocks, sell them then as soon as the market shoots upwards like crazy then trade if for gold and silver bullion.

Having a diverse and secure portfolio will save your ass in the long run.

Not some stupidass government program.

 

[Pillows]

AHAHAHA, they can have my super as well. I've got like a few dollars in there.

 

[nisseltaria]

That's fine with me too. I have no super and no-one in my family plans on retiring within the next couple of decades, that should be quite long enough for nation-building projects to pay for themselves (through the improved efficiency of ports, etc).

 

[melanieeeee.]

i dont know if this is right but i thought superannuation has always been invested into something.

 

[squeenie]

i dont know if this is right but i thought superannuation has always been invested into something.

I'd rather have my money (or lack thereof) invested into my future, not some government venture...

Edit: You do know what superannuation is, right...? It'd be a worry if you didn't....

 

[melanieeeee.]

I'd rather have my money (or lack thereof) invested into my future, not some government venture...

Edit: You do know what superannuation is, right...? It'd be a worry if you didn't....

errrrr i think i do. money put away for future right. but i always thought this money was fund into some sort of fund e.g. industry super fund where they invest the money. someone correct me if im wrong cause thats my impression of superannuation.

 

[Nebuchanezzar]

i dont know if this is right but i thought superannuation has always been invested into something.

Indeed. I was under the impression that's how they and I made money off the money. Making money off money. No wonder the financial world is in such a state. :rofl:

 

[squeenie]

errrrr i think i do. money put away for future right. but i always thought this money was fund into some sort of fund e.g. industry super fund where they invest the money. someone correct me if im wrong cause thats my impression of superannuation.

Its money put away for the future, but it should be used by you, and you alone. No-one else should be able to take from the money that you've worked for (well in an ideal world, anyway)

 

[melanieeeee.]

Its money put away for the future, but it should be used by you, and you alone. No-one else should be able to take from the money that you've worked for (well in an ideal world, anyway)

ummmm im pretty sure the money has always been invested.

 

[squeenie]

ummmm im pretty sure the money has always been invested.

Hm... You have a point there...

*does not know much about economics*
*looks up a definition of superannuation*

Uh... nothing about investment, however, I could be wrong. Can someone correct me?

 

[melanieeeee.]

Hm... You have a point there...

*does not know much about economics*
*looks up a definition of superannuation*

Uh... nothing about investment, however, I could be wrong. Can someone correct me?

Superannuation funds operate as trusts with trustees being responsible for the prudential operation of their funds and in formulating and implementing an investment strategy. Some specific duties and obligations are codified in the Superannuation Industry (Supervision) Act 1993 - other obligations are the subject of general trust law. Trustees are liable under law for breaches of obligations. Superannuation trustees have, inter alia, an obligation to ensure that superannuation monies are invested prudently with consideration given to diversification and liquidity.

http://en.wikipedia.org/wiki/Superannuation_in_Australia

 

[squeenie]

Superannuation funds operate as trusts with trustees being responsible for the prudential operation of their funds and in formulating and implementing an investment strategy. Some specific duties and obligations are codified in the Superannuation Industry (Supervision) Act 1993 - other obligations are the subject of general trust law. Trustees are liable under law for breaches of obligations. Superannuation trustees have, inter alia, an obligation to ensure that superannuation monies are invested prudently with consideration given to diversification and liquidity.

http://en.wikipedia.org/wiki/Superannuation_in_Australia

Year 10 commerce clearly didn't teach me enough then.

 

[aussie-boy]

yeah lol major overreaction from somebody haha

banks make money via fees and the differential between loan rates and deposit rates

super funds make money through investing it into the economy (via a large portfolio of shares, bonds etc) - when you can sign up you can tick a box to say what level of risk you are willing for them to take when they spend your money

this is why everyone has just lost super in the crash, but not bank deposits

in fact i would think the government would be the absolute best place to direct super funds; as it is essentially risk free (since its the gov guaranteeing the money)

 

[RohanZ]

Hm... You have a point there...

*does not know much about economics*
*looks up a definition of superannuation*

Uh... nothing about investment, however, I could be wrong. Can someone correct me?

correct me if i'm wrong, but whilst your saving your super, you can choose to invest it in different areas, eg. shares and property, to help it grow faster. Well, at least that's my understanding of it.

EDIT: whoops, didn't read posts beneath yours. =p

 

[Pedophiles]

Personal Investment > Investing in the country

Are you serious? You must be real dumb if you are serious.

 

[Captain Hero]

Haha, I always enjoy receiving the statements for my ~ $1 super fund. It is slowly being whittled down by administration costs.

You should probably join Australian super then. Admin costs are protected withdrawls so you never lose money unless the share market goes south.

 

[zstar]

You need to rely on your own savings.

I wouldn't trust the government to manage a single cent of my money.