Editor's Choice
Actuaries Institute proposes new performance test measure
The Actuaries Institute has proposed revising the annual superannuation performance test, so it better aligns trustees' investments with the best financial interests of members.
JANA appoints new director of client development
The new appointment previously worked for APSEC Funds Management.
MSC Certane wins Suncorp mandate
MSC Certane has been appointed as trustee for Suncorp's latest note issue.
Auditors lambast mandatory climate reporting requirements
The peak accounting body said most auditors believe the government's mandatory reporting rules are a "significant miscalculation".
Further Reading
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Featured Profile
Fiona Mann
HEAD OF LISTED EQUITIES AND ESG
BRIGHTER SUPER
BRIGHTER SUPER
Brighter Super head of listed equities and ESG Fiona Mann was shaped by a childhood steeped in military-like discipline and global nomadism. Andrew McKean writes.
Who are these people who "lived through war and depression"? Come on! if You are old enough to remember the Great Depression, you'd have to be well into your nineties. If you were old enough to fight in the Second World War, you're at least 90 now.
The defenders like Mercer of ever-increasing amounts going into super are talking their own book and pushing an idea of "old people" that is at least 30 years out of date. The fact is Australian home-owning retirees are more than well-catered for by the tax and transfer system. The people doing it tough are young people saddled with student debt, paying through the nose for everything and shut out of the housing market.
Grattan is right. The rules have been written by the superannuation industry, which has been living off the subsidy of the superannuation guarantee for too long and has grown fat, lazy and with its snout in the trough of public funds.
Fatcat old 'self-funded' retirees have come to see their super as an estate planning device and won't give an inch to the generations coming after them. There's a generational war coming, but unfortunately the bludgers now calling everyone else 'socialists' won't be around to see it.