Royal Commission into banks and super funds
The Federal Government decision to spend $75 million on a Royal Commission to investigate the banking and finance industry will add to the country’s fiscal deficit. About the only good point is that the Royal Commissioners will investigate superannuation funds as well as banks. Compulsory Super has been a crock for all baby-boomers. It's OK for the high flying GenYers and subsequent generations with its generous tax breaks. But for those about to retire it has been useless. After a lifetime working and paying taxes those around 65 and 70 get little except the prudent savings accumulated over the years. One 70 year old has just cashed- out his super – the princely sum of $18,500. For most of the working life of people that age, superannuation contributions from employers were not available. Following the introduction of compulsory super, many only had limited part time employment and may have been largely self-employed. - taking meager living expenses out of business income.With a l...