Congressional hearing - FBI Agent Strzok asked if Obama investigated for Medvedev open mike comment
Peter Dutton weeding out dud migrants - immigration lowest in decade

Aussie super funds skim $700Bn in fees - union industry funds our biggest


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“If members’ contributions between 1997 and 2016 had been invested in a passively managed fund with typical expenses and allocations, they would now be valued between $700bn and $800bn larger,” University of NSW economist Nicholas Morris said. The total pool of superannuation assets, $2.6 trillion in March, would now be more than $3.3 trillion.

Declaring superannuation a “policy failure”, Professor Morris, a joint founder of the highly regarded Institute of Fiscal Studies in London, said high fees meant the retirement system in Australia had delivered income replacement rates that were barely above 40 per cent, compared with an average of 63 per cent across OECD countries.

“Twenty-six years after compulsory superannuation began, you have a system that delivers an income replacement rate for retirees that is among the lowest in the OECD, forces fund members to bear risks they are ill-equipped to manage, and provides significantly poorer returns on investment than could reasonably have been expected,” Professor Morris told The Australian.

The Keating government made superannuation compulsory in 1992. The compulsory rate is scheduled to rise from 9.5 to 12 per cent by 2025.

Extract Ends - more at The Australian 

Now jut as a reminder, here's a graphic published by The Oz a couple of years ago, it's based on AEC reports and shows how much money unions extracted from super funds over just 4 years.  

Money is power.


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