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Featured Profile
Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
That is EXTREMELY poor form by the DSS - to make a ruling on a product, that is then launched and sold and then decide to reverse their decision in order to reduce their payments to those in Aged Care. A blatant and morally corrupt money grab at our most vulnerable. If the Government want to make changes to Social Security, they should propose them ahead of time (like the changes to AP income assessment from 1st January 2015), NOT look through previous rulings to reverse immediately without ruling to save some money and not even allow grandfathering for those who are already in product - entered into it in good faith.
"The Department of Social Services is working with Challenger to ensure that investors are appropriately informed by Centrelink about this reassessment prior to any changes taking effect."
That's like informing a person who is about to be run over by a car, that it hurts...!!
What good does that do for anyone, the driver, or the pedestrian?
Yep, nothing.
Various governments have changed their mind on how to assess various types of income streams probably 5-6 times over the last 10 years. Absolutely disgraceful. Basically no-one can plan their retirement properly because the govt backflips every 2-3 years.