At the time of Super being introduced in 1992, my husband and I had a transport business and employed about 5 people I think. I always had trouble every week finding the money for their wages and when we had to find 9% extra for each employee, it was not easy. We sacrificed our selves to put it in their accounts but didn't have to have super for ourselves, being employers. We sold our business in 2000 just before GST (That would have been the last straw) and went off and worked for a year for wages, getting super for the first time. After that, we purchased a yacht and went into Christian boat ministry in the remote islands of PNG. Coming back to Australia each year when our visas ran out, we would find work which was very easy and I think 3 times, we drew down our Super and used it for missions. Having never had any "nest egg", it hasn't been a hassle for us. We have managed very well over the ensuing years. I feel for the generations behind us, they have huge battles to fight. Why anyone would embrace socialism is beyond me but they have been brainwashed. I really love your posts Fred, thank you
Too many vested interests. Soon to follow the path of South Africa Marxist gov where people are now restricted to only 10% lump sum and pension funds will be compelled to invest in gov debt. Which may or may not ever be paid back with severely debased currency. If you simply bought gold every month and nothing else you would have outperformed even the best returns with almost zero risk and no fees
I am invested in gold and silver. Needless to say, it's done well.
Yet so has property and the share market. This is because it's not really gold going up. It's the dollar going down. Over half of all Australian dollars ever made were printed in the past 5 years. Let that sink in.
You are close, it's up 40% since Mar2020. It's 912.4B M3 Broad Money. From $2.24T to $3.15T. Gold in AUD went up 90%. Gee that's a lot of Credit, the banks got most of it to lend out nearly $600B.
Exactly currency debasement and inflation as a stealth tax. I would be very interested in seeing where you got the data for new money from. Have you seen this comparison
"Trust in government is so low these days, especially since Chalmers’ own government reneged on its promise to reduce power bills three years ago, that hardly a person in Australia believes that this proposed new tax will remain focused on the filthy rich for long"
This didn't crater trust in government. Something tells me it had more to do with:
"Safe and effective"
"2 weeks to slow the spread"
"COVID came from a Wuhan wet market due to meat eating"
"Saddam will nuke you with WMDs and caused 9/11"
"Russia's invasion was completely unprovoked"
"Trump colluded with Russia"
"Law abiding gun owners are a threat to society"
"Howard's gun laws are an abberation and won't be expanded to other items like knives/machetes"
"51 intelligence officials claim the Hunter Biden laptop is Russian disinformation"
"Hamas baked babies in ovens, beheaded babies, and raped dozens of women on Oct 7"
"Airport security is there to keep you safe"
"We aren't wiretapping every electronic device in the country without a warrant"
"Wiretapping every electronic device in the country without a warrant is not an unreasonable search and violation of your rights"
"Iran is a few weeks away from nuking the West (for the past 30+ years)"
"Anti-black violence is rife at universities and the cause is freedom of thought and speech"
"Anti-Jewish violence is rife at universities and the cause is freedom of thought and speech"
"We did not ally with Islamist extremists to overthrow the secular Assad then install an Al-Qaeda terrorist as leader"
As for superannuation, I'm split. On the one hand, I find it objectionable that I am forced to divert the wage that I supposedly own into some super scheme run by Karens who hate everything about me.
On the other hand, the pension system seen internationally is a complete ponzi scheme which is going to majorly crash Western economies once population decline sets in, and our compulsory super scheme is a far superior solution than having new investors (dwindling numbers of young people) pay for the retirement of old investors (longer living old people).
Also, I can avoid the Super Karens by opening a SMSF. Admittedly I haven't yet done this.
I do think Chalmer's super tax is a complete rort, but they are already rorting us so bad that I don't think it'll make a huge difference. The main issue is the precedent it sets, that wealth should be taxed, and that it should be taxed on gains which do not actually exist.
Also worth considering is the fact that the Australian dollar is monopoly money. Over half of all Australian dollars were printed in the past 5 years. Has over half of all the production our country has ever produced been produced in the past 5 years? Of course not. Indeed, they deliberately shut down global production during COVID.
This means that $3 million AUD is going to be absolute chump change in short order. Perhaps a decade or less. This tax will absolutely hit the little guys once they're close to retirement.
I’ve thought for a long time that all super was really designed for (by Labour) was a hunny pot for their own to gain an unfair advantage over other parties by way of Director’s fees ultimately to the Labour Party and Unions… It skewers the political process in this Country as it gives them an unfair advantage. I never thought about the Union projects that it finances!
When super 1st came in my mother wisely warned me that come retirement there might be nothing there to collect. This is coming true. The govt is broke and will get increasingly greedy to steal this vast amount of assets, just there, locked up in funds.
I have invested outside super so that I control and can invest as I chose and move it where I like.
When we did set up a SMSF 4 years ago I had 1 months rent ( approx $670) plus cost of buying a house in the fund. The accountant then charged us $2000 plus said we had to be audited and wanted to sign us up to $2000pa auditor. When I rang to say we were moving accountancy firm after 54 years he immediately admitted that they had overcharged us. Too late we changed.
According to George Christiensen who writes Australia First there are tens of thousanda of illegal immigrants in Australia. Most of them enter Australia via the northern coast of Western Australia. I do not know where they get money to live on. Do they they get it thru NDIS, welfare department, the organization that supports illegal aliens or do they bring money with them? The bottom line is that they are criminals and nothing is being done to rectify the situation. This is a topic that needs investigation so hopefully you will look into it.
Get with it, Fred. These are not "marxist times", whatever nonsense the woke chattering classes and toiling masses are indoctrinated with for the benefits of their build-back betters. Ours is the age of the plutocrat, the billionaire and globalist oligarch, the reign of the digital-financial complex. Is Black Rock Marxist? Harping on "marxism" is merely rattling the chains of a spectre haunting the mental (in)continent of old conservatives who can't accept their Capitalist pipedreams have turned into the equivalent of old Marx's worst nightmare. (He wasn't wrong about everything, you know.)
Again, how did these fucks get in again? It seems the best way to have a long prosperous career in politics is to be a really incompetent Left leaning blow hard. That's a shortcut to the Lodge, on the backs of idiots who only follow politics they way they do their footy teams.
At the time of Super being introduced in 1992, my husband and I had a transport business and employed about 5 people I think. I always had trouble every week finding the money for their wages and when we had to find 9% extra for each employee, it was not easy. We sacrificed our selves to put it in their accounts but didn't have to have super for ourselves, being employers. We sold our business in 2000 just before GST (That would have been the last straw) and went off and worked for a year for wages, getting super for the first time. After that, we purchased a yacht and went into Christian boat ministry in the remote islands of PNG. Coming back to Australia each year when our visas ran out, we would find work which was very easy and I think 3 times, we drew down our Super and used it for missions. Having never had any "nest egg", it hasn't been a hassle for us. We have managed very well over the ensuing years. I feel for the generations behind us, they have huge battles to fight. Why anyone would embrace socialism is beyond me but they have been brainwashed. I really love your posts Fred, thank you
Too many vested interests. Soon to follow the path of South Africa Marxist gov where people are now restricted to only 10% lump sum and pension funds will be compelled to invest in gov debt. Which may or may not ever be paid back with severely debased currency. If you simply bought gold every month and nothing else you would have outperformed even the best returns with almost zero risk and no fees
I am invested in gold and silver. Needless to say, it's done well.
Yet so has property and the share market. This is because it's not really gold going up. It's the dollar going down. Over half of all Australian dollars ever made were printed in the past 5 years. Let that sink in.
You are close, it's up 40% since Mar2020. It's 912.4B M3 Broad Money. From $2.24T to $3.15T. Gold in AUD went up 90%. Gee that's a lot of Credit, the banks got most of it to lend out nearly $600B.
It’s the biggest scam the world has even known
maybe 2nd biggest, the Scamdemic has the leaders guernsey.......
Exactly currency debasement and inflation as a stealth tax. I would be very interested in seeing where you got the data for new money from. Have you seen this comparison
try here --: https://www.rba.gov.au/statistics/tables/
"Trust in government is so low these days, especially since Chalmers’ own government reneged on its promise to reduce power bills three years ago, that hardly a person in Australia believes that this proposed new tax will remain focused on the filthy rich for long"
This didn't crater trust in government. Something tells me it had more to do with:
"Safe and effective"
"2 weeks to slow the spread"
"COVID came from a Wuhan wet market due to meat eating"
"Saddam will nuke you with WMDs and caused 9/11"
"Russia's invasion was completely unprovoked"
"Trump colluded with Russia"
"Law abiding gun owners are a threat to society"
"Howard's gun laws are an abberation and won't be expanded to other items like knives/machetes"
"51 intelligence officials claim the Hunter Biden laptop is Russian disinformation"
"Hamas baked babies in ovens, beheaded babies, and raped dozens of women on Oct 7"
"Airport security is there to keep you safe"
"We aren't wiretapping every electronic device in the country without a warrant"
"Wiretapping every electronic device in the country without a warrant is not an unreasonable search and violation of your rights"
"Iran is a few weeks away from nuking the West (for the past 30+ years)"
"Anti-black violence is rife at universities and the cause is freedom of thought and speech"
"Anti-Jewish violence is rife at universities and the cause is freedom of thought and speech"
"We did not ally with Islamist extremists to overthrow the secular Assad then install an Al-Qaeda terrorist as leader"
___________________________________________________________________________________________
As for superannuation, I'm split. On the one hand, I find it objectionable that I am forced to divert the wage that I supposedly own into some super scheme run by Karens who hate everything about me.
On the other hand, the pension system seen internationally is a complete ponzi scheme which is going to majorly crash Western economies once population decline sets in, and our compulsory super scheme is a far superior solution than having new investors (dwindling numbers of young people) pay for the retirement of old investors (longer living old people).
Also, I can avoid the Super Karens by opening a SMSF. Admittedly I haven't yet done this.
I do think Chalmer's super tax is a complete rort, but they are already rorting us so bad that I don't think it'll make a huge difference. The main issue is the precedent it sets, that wealth should be taxed, and that it should be taxed on gains which do not actually exist.
Also worth considering is the fact that the Australian dollar is monopoly money. Over half of all Australian dollars were printed in the past 5 years. Has over half of all the production our country has ever produced been produced in the past 5 years? Of course not. Indeed, they deliberately shut down global production during COVID.
This means that $3 million AUD is going to be absolute chump change in short order. Perhaps a decade or less. This tax will absolutely hit the little guys once they're close to retirement.
Like the Zim dollar. I have a 100 trillion Zim $ note to remind me how socialism ends
I’ve thought for a long time that all super was really designed for (by Labour) was a hunny pot for their own to gain an unfair advantage over other parties by way of Director’s fees ultimately to the Labour Party and Unions… It skewers the political process in this Country as it gives them an unfair advantage. I never thought about the Union projects that it finances!
We are under siege from all directions and your gov is complicit https://open.substack.com/pub/lettersfromaustralia/p/globalists-won-the-election-and-they?r=yi5zs&utm_medium=ios
I’d vote for a dismantling of it in a heartbeat. It’s not covering retirement of the people it was designed to help anyway
When super 1st came in my mother wisely warned me that come retirement there might be nothing there to collect. This is coming true. The govt is broke and will get increasingly greedy to steal this vast amount of assets, just there, locked up in funds.
I have invested outside super so that I control and can invest as I chose and move it where I like.
When we did set up a SMSF 4 years ago I had 1 months rent ( approx $670) plus cost of buying a house in the fund. The accountant then charged us $2000 plus said we had to be audited and wanted to sign us up to $2000pa auditor. When I rang to say we were moving accountancy firm after 54 years he immediately admitted that they had overcharged us. Too late we changed.
According to George Christiensen who writes Australia First there are tens of thousanda of illegal immigrants in Australia. Most of them enter Australia via the northern coast of Western Australia. I do not know where they get money to live on. Do they they get it thru NDIS, welfare department, the organization that supports illegal aliens or do they bring money with them? The bottom line is that they are criminals and nothing is being done to rectify the situation. This is a topic that needs investigation so hopefully you will look into it.
Get with it, Fred. These are not "marxist times", whatever nonsense the woke chattering classes and toiling masses are indoctrinated with for the benefits of their build-back betters. Ours is the age of the plutocrat, the billionaire and globalist oligarch, the reign of the digital-financial complex. Is Black Rock Marxist? Harping on "marxism" is merely rattling the chains of a spectre haunting the mental (in)continent of old conservatives who can't accept their Capitalist pipedreams have turned into the equivalent of old Marx's worst nightmare. (He wasn't wrong about everything, you know.)
Again, how did these fucks get in again? It seems the best way to have a long prosperous career in politics is to be a really incompetent Left leaning blow hard. That's a shortcut to the Lodge, on the backs of idiots who only follow politics they way they do their footy teams.
"Again, how did these fucks get in again?"
Easy peasy, 1/3 of the vote and 2/3 of the seats........democracy I tell ya!