Walk The World
The Superannuation system is not fit for purpose, as many are finding out as balances decline, while fees do not but forced contributions increase. So today we look at data provided by APRA on fund performance (down more than 4% in the quarter to June 2022, and further now). And we feature an important contribution from Senator Gerard Rennick who addressed The Senate last week on this important issue.
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Caveat Emptor! Note: this is NOT financial or property advice!!
that was a brilliant speech it was in my feed earlier this week.
The financial services economy is nothing but a parasite
Dig something, build something manufacture something
Not fit for purpose…. Must have a review?
No way, burn the thing to the ground.
Our Superannuations have less money in them than we have paid into them, it hasnt been Ups and Downs with the Market tides either.. at no point has there ever been more in our Superannuation than we paid in. 10's of thousands worse off, while these Superannuation Companies make off laughing with this Fraud. At least in the Bank the only concern on Cash is Inflation.. Super is being rorted and suffering Inflation, by the time we can have I doubt it will be enough to fill the tank to go fishing
Can I look after your wallet please? 😂
Employer contributions?
Hmmm all I hear is this is your rate including Super.
So who pays it?
If the employer pays it they pay my Tax also?
Bit rich the government which rips off over $150 billion per year complaining about superfunds ripping off $30 billion per year!
If my maths is correct, superannuation fees are about 1.10% of Australia's g.d.p. Does anyone else come up with a similar number?
Yeah well. These Criminals have an endless amount of Drugs and all fucking day to dream up ways of ripping of the Masses and…. THEY ….have been doing it for 100's of years, thousands even!
Banks don't want us to save money, for that is a cost to them. With the help of central banks, they want your money invested in the financial futures and stock market, where they get your money and charge you fees.
Ohhh drrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr why else would they create the SUPERSCAM! NOTHING THE GOV DOES IS FOR THE PEOPLE!
Better to pay off ur mortgage and get the Pension! We all deserve it!
Rennick for PM!
Alcopop vs Teresa ! Ha haaaaaaa ! Mamma wins hands down!
Given that interest rates are rising quickly from a very low base, a result of a transformation of reserve Bank policy which is in no way matched by any economic theory known to me, we need to recognize what this will do to your graphs. Firstly during the time of ever lowering interest rates and QE, the reported value of stock went ever skyward, and the amount of debt also grew, while the cost of debt stayed relatively stable. Secondly, In the time of rising interest rates the costs of that debt is rising by as much as 300%, resulting in significantly lowered profits, and a slump in the value such shares, accentuated by a decline and even reversal of QE. All this must mean that the value of pension holdings must be in decline. And logically this process must continue until interest reach their zenith or the market comes believe that is about to.Third we can expect firms to realign their businesses to the new reality. At this point debt will start to abate until it is perceived to be sufficiently in balance at which stage paying back debt will become secondary to buying shares, at which point share prices will start to rise again. This could easily take a couple of years.
That is what my logic tells me but I cannot either predict the future or explain the past. Why on earth did sane people think cutting interest rates and QE was a rational policy, and why did it take so long to fail?
For me, super of a total waste. I have just under $145K and I won't be adding anymore to that as I have my own business. There was a 10 year period previously where no payments went into that. I leverage debt to invest in income producing assets and could be personally debt free if I could cash in my super. I'll gladly pay additional tax of I could withdraw it and close my two super accounts. It's just such a bloody stupid waste. Not being being able to control your own money, which was paid into super as post of the total wages/salary package is criminal. I don't want to pay fees, I want free choice.
Maybe time for a referendum on a real issue 🤔
The Gov is the biggest rort in the system!
Senator Renick is my hero👍🤣 I have been saying it for Farking years superannuation is a hidden tax.
I would of been able to buy a house much soon if I have power over my own farking money. Wake up we are living in a false free democracy.
SMSF is really the way to go, worth the time and effort for homework (barrier has been lowered nowadays). Have learned the hard lessons after the 2020 drop and happy with the result so far. Outperformed most of the managed Super funds run by so-called "professionals" as long as you've got the commonsense risk management, basic long term investment principles. LMAO.
Legend
I want the political power of my money back but the overhead of a SMSF seems unmanageable (based on what I can read online). Am I wrong?
I am surprised that there isn't a class action from short term casuals and other itinerant workers to claim back the entire balances that were robbed from their meagre accounts by unrealistic fees. Those greedy bastards prey on the financial illiteracy of youth and the not so young who do not combine their accounts.
Superannuation = Milking Cow
Bankers rule the world I’m afraid..
Thomas Sowell summed it up…today’s problems are a consequence of yesterday’s solutions…
Big business gets 10% of your money NOW on the promise of possible returns later (past performance is not indicative of future performance).
It’s mandated by government!
The Superannuation “Industry” get their share of fees along the way!
The rules continuously change about how you can get YOUR money out!
You really want to read the book Rigged by C.Murry & P.Fritjers… fantastic reading, very eye opening.
Thanks again Martin for your wide-ranging coverage and knowledge of the issues that matter to Australians. I agree with much of what Senator Rennick says in that Superannuation has become a monstrous set of entities with power now way beyond their remit. My main push back would be around the idea that Superannuation should be used to pay off mortgages. Yes it is important to own a home by retirement if possible. But this fails to solve the problem of housing affordability and the reasons for it – government and central bank policies. In fact it may continue to feed the evil of housing financialisation with the market in full knowledge that longer and more expensive mortgages can be paid out from lifetime savings. Won’t this have a similar effect as first home buyer bonuses and home builder subsidies?
Super needs to do more for the person earning it – something like an offset account that is not linked to a mortgage, or is able to be taken from by the individual, but acts as declaration that offsets interest repayments on a mortgage – tested on balances under 200k for mortgages between 300 – 700k.
Oh, and how about a tier system for age groups that locks away a percentage of balances that cannot be charged fees – so at 60 years of age, the super fund cannot tax 60% of the balance under 1 mil.
It's a trap !
Great video Martin 👍
The mandatory gambling scam
Boom 💥 been saying this for years never put currency in super its a scam. Paul Keating and bill Clinton sold us out to pump usa stocks for printed currency into mortgages that’s increased property prices and reduced wages. Boycot super it’s a con
I always knew compulsory super was full of sht
Senator Gerard Rennick… Finally, someone saying something worth hearing.
The Plebs enjoyed their Super when Scomo let them have it. 🙃
Having Super will avoid you having to eat your house🤣
He wants Super to bail out the property ponzi scheme…so many Boomers who started their Super later appreciated the money their when they retired.