17 January

I turn 55 this year. About a decade ago I remember a flurry of colleagues retiring at 55, with gold-plated super schemes. The schemes where you retired at 55 at your final salary, for life. Those schemes were quickly shut down for younger generations. It was a good example of intergenerational injustice, a topic people resist talking about. The great scandal of those schemes was, they were never funded. Not by the people who held them, and not by government or business. In the end emergency funding had to be found. That’s what ‘The Future Fund’ is. Public money is used to pay out the extraordinarily generous super entitlements. Rather than the entitlements themselves being pared back, as has happened already with super for younger Australians. Vote-buying. It was called a ‘Sovereign Wealth Fund’ to hide its real purpose, when you read the guff said about the Fund it sounds like they’re saving for Australia’s future. They’re saving to pay out these ridiculous super schemes. And have a look at how much. Well north of $200 billion. Remember that, as our infrastructure continues to collapse and peoples’ earnings continue to go backwards. Government could find barely $30 million to fund Covid measures in schools. On top of this many of these same people have tax cuts targeted at them in coming years worth another $120 billion+. That’s what you call intergenerational theft.