superfunds and Rudd,

How safe is your "Super"??? Unfortunately, or maybe even fortunately
...I do not have to worry about any superannuation.
This is one of the pages from a blog called Winds Of Jihad..by sheikyermami
Seems to me that we have a few very worrisome concerns to deal with here in Australia. One of them is the collective financial mess we are in, and the other is this islamist problem..you know, the one where the muslims want this and that, and then some...with NO regard to anyone else but them sorry selves.
Another one is the political situation we find ourselves in, namely us all being under Federal labour thinking. If Rudd gets his way, we will soon be a part of the EU, and he is also angling for a seat at the UN.

Please do not be fooled by this "generous" bonus to pensioners including $1000 to us lowly disability pensioners...for it equates to $20 a week for a total of 1 year, then nothing. I would have preferred a much needed rise of $30 per week until the next time the pollies felt shamed into giving us another rise in pension payment.
Really, just who does Rudd think he is kidding? As for those who voted the lip licking hyena into government...well I hope you are starting to see the light, and reverse your decisions at the next election...if it all isn't too darn late by then.

As an avid reader of Winds Of Jihad, by sheikyermami, I was appalled at reading this, I find it incredible how Aussies could be so blind as to have voted him and his cronies in. I urge anyone, to read this site and others like it, then you will find your eyes opened to some home truths. You will find the links on the right side of this blog.

The Totalitarian Nightmares of KRuddistan * Censorship of the internet? In the making. Stay tuned.
* And you thought your super was safe? Hahaha: Comrade KRudd has plans for you:

I loved this comment from one of the readers.....
Haha! That didn’t take long, did it? .. and censorship of the internet along with unchecked (Muhammedan) immigration will ensure that we will arrive in KRuddistan a lot faster than anyone could imagine. red Baron of Sydney (Reply) Sat 18 Oct 08
(12:48pm)

BILLIONS of dollars of superannuation savings could be unlocked for “nation building” as the Federal Government searches for ways to insulate the economy against the global meltdown.

The Infrastructure Minister, Anthony Albanese, held closed-door talks with super fund chiefs this week in an effort to persuade them to invest some of their trillion-dollar assets in fast-tracked projects that will yield commercial returns.

* Add to this unchecked Muhammedan mass-migration and we’ll soon be living in the Islamic-Socialist republic of KRuddistan. Who could imagine?/ed

Andrew Bolt
In last year’s election campaign, Treasurer Peter Costello warned of Labor’s threat to your super:

Everybody’s super [will] be directed to pet projects.

Wayne Swan, now the Labor Government’s Treasurer, said then this was ”absurd” and “untruthful”, adding:

Mr Costello made the absurd claim knowing full well superannuation law requires funds and trustees to decide independently where they invest superannuation funds based on the interests of their members and on delivering the best returns.

Economist Professor Sinclair Davidson pointed out in the Australian Financial Review (no link - his letter in full below) that Swan was being evasive, and Labor’s National Platform and Constitution already committed a Rudd Government to doing much as Costello warned:

Of course, the ALP are hardly going to be so vulgar as to introduce prescribed asset requirements for Super Funds, but we are promised that “Labor in government will review existing public policy to facilitate greater involvement in infrastructure financing and delivery by Australia’s superannuation funds” (pg. 75) and also that trustees will be encouraged to “evaluate and reduce negative social or environmental consequences of their activities” (pg. 48). What better way to do this than to invest in government pet projects.

And - surprise! - the financial crisis has given Rudd and Swan the excuse to do much as Costello predicted:

BILLIONS of dollars of superannuation savings could be unlocked for “nation building” as the Federal Government searches for ways to insulate the economy against the global meltdown.The Infrastructure Minister, Anthony Albanese, held closed-door talks with super fund chiefs this week in an effort to persuade them to invest some of their trillion-dollar assets in fast-tracked projects that will yield commercial returns.

Professor Davidson’s letter to the Australian Financial Review:

It is surprising that Wayne Swan has rejected Peter Costello’s comments about ALP plans to dip into superannuation funds as “outright lies” (Labor won’t dip into retirement cash: Swan, AFR November 21, pg. 13). Perhaps Mr Swan hasn’t read the ALPs National Platform and Constitution which was formally adopted at the ALP National Conference in late April. Anyone reading that document would see for themselves ALP plans “to develop specific incentives and structures that will encourage” super funds to invest in agriculture (pg. 50), manufacturing (pg. 58), and infrastructure (pg. 75). Furthermore, superannuation funds will be
expected to invest in low-income housing (pg. 88) and the transport network (pg. 97). To be sure, some of these ‘investments’ are worthy of government attention, but if they were viable investment opportunities
Super funds would have invested in them already.

Of course, the ALP are hardly going to be so vulgar as to introduce prescribed asset requirements for Super Funds, but we are promised that “Labor in government will review existing public policy to facilitate greater involvement in infrastructure financing and delivery by Australia’s superannuation funds” (pg. 75) and also that trustees will be encouraged to “evaluate and reduce negative social or environmental
consequences of their activities” (pg. 48). What better way to do this than to invest in government pet projects.

The bottom line is this: The ALP themselves have indicated that Superannuation money will be invested in a range of areas and projects that trustees currently have chosen not to invest in. Mr Swan needs to explain to us where the “outright lies” are to be found. Either Mr Costello has lied, or Mr Swan’s party platform is a lie.


...and does anyone get a say as to where these funds will be invested if it was to happen??? How do we know they won't be directed into muso businesses or muso schools or other government 'Pet Projects"...as has been suggested.