The Meeting Place

Bill Shorten to shake up super

If the Labor Party wins the next federal election, retail superannuation funds could be forced to put members interests ahead of profits.

Opposition leader Bill Shorten put funds owned by banks and other financial institutions on notice in a speech at an event last night.

He said he would enable regulators, such as the Australian Prudential Regulation Authority (APRA), to force those funds to appoint independent trustees to oversee best practice, according to The Australian.

In the wake of the financial services royal commission's revelations of retail funds gouging members on fees, Mr Shorten said the sector was due for a shake up.

He also signalled giving APRA powers to sack trustees of funds that consistently underperformed, robbing members of optimal returns.

Earlier this year, a ­Productivity Commission report revealed that industry and public sector  funds performed better than retail funds, returning higher earnings to members because of their not for profit nature.

Mr Shorten said for profit funds had a conflict of interest whereby they needed to ensure profits for shareholders over returns to members.

“One idea that has emerged from some quarters is: should banks actually be in superannuation?” Mr Shorten said.

“I don’t know about that. One idea, and it’s only an idea … you could require for-profit funds to outsource the trusteeship to genuinely independent organisations,” he said.

FirstPrev12(page 2/2)
20 comments

So we are greedy for wanting our legitimate franking credits back, I find that to be a very strange comment, we have done this topic to death, but there are some people who continue with the politics of envy, to make it quite clear to those that for whatever reason want Shorten to steal our legitimate refund of franking credits, if my total income is above the tax free threshold I am not entitled to claim the tax paid on my behalf by the company I have invested in, this is no different to any other investment, for some reason Labor and their stooges on this site think that it is ok to steal my legitimate tax refund, imagine the outrage if Labor decided to stop the legitimate tax refund of the average worker, maybe that’s where all this is heading.

I want something horrible to happen to Bill Shorten and the sooner the better.

All you wallies that keep saying Shorten will steal your franking credits have been told time & time again that Shorten has said he will not be taking franking credits from you people but like an old broken record you repost it every second day.

If anyone is going to steal from the pensioner then it's the LNP as they did by increasing the asset penalty to $3 for every $1000.

Roy - something horrible already happened to him - just look at his ugly face 

Yes Billy we keep posting it because it’s still Labor policy, I get our monthly news letter from our local Federal member, and she has stated that Labor will definitely be looking at the unfairness of people getting their franking credits refunded, the only reason Shorten backed down was because he was told it would cost votes at the by elections that were recently held, come the next election when Labor win, the policy will resurface, anyone who thinks they can trust the words of any politician no matter which side you support need to have a reality check.

Jim, Shifty Shorten backing down to get votes surely not, wash your mouth out please. You should be ashamed of yourself shouldn't he MICK?

Shifty Shorten walks on water.

I'm not at all surprised. When the 42000 part pensioners and then the 330 000 were disadvantaged with little recourse with legislated pension changes it became possible to do it to other groups. Even more powerful groups like shareholders so long as their numbers are low enough. That's why Pensioners will not be affected but only a smaller group will. The bastards will watch the voting numbers. That's all they care about after all. Themselves and power and what they can get.

My main beef with Hockey's budget was that he broke the time honoured No Disadvantage Rule in Legislation. Not many noticed that fact but it was a game changer.

All those who lost the thousands of dollars in come and the concessions have little sympathy I expect to shareholders losing thousands of dollars if Shorten does proceed. At least shareholders can sell and get out unlike a lot of those allocated pension holders.

If he does then he is a nasty stupid man and it will just be one more nail in Superannuations coffin in my opinion.

It would not surprise me if the fact that taxing one source of income differnetly to all other income is illegale. The fat that it is unfair and discriminates on people income is also unlawful. It effect on super funds is also a can of worms as reguards whether it lawfull or not. I see High Court Challenge coming on this. 

A week out from the Wentworth Bi-election and suddenly Bill is saying lets rush tax cuts for business through quicker please. Now he says he's always had a love affair with business and some of his best friends are in business. And anyone who votes Labor can keep their franking credits. WTF??? 

What did you expect from a guy who will sell his soul for votes 

a pathological liar who will bend over for anyone and shaft anyone so he can be Prime Minister 

absolutely disgusting and ashamed that so many Aussies are stupid enough to believe this snake oil salesman 

Hear hear olbaid, he is a sycophant par excellence.

 

So funny to here our friends from the right bleating about other partys selling their souls for votes.  At least they are only selling their soles, not our grandchildrens futures.  

Bill is a complete novice in the sycophant stakes, banks, shock jocks, race organisers, coal miners, the list is endless and all being courted by our friends from the right.

So please carry on in the same manner, it all brings attention to the pathetic sucking up of the right to anyone with a dollar who wants to buy influence.

Have a another drink of Chardy, you may be able to upgrade from the cask  to something in a bottle with the usual bribe in the form of tax cuts that the right will pay you for your votes. 

As far as Franking Credits are concerned, if it happens I will simply move my money away from shares that rely on them to pay a decent dividend.  It is my money and I am the one responsible for finding the best way to invest it.  I pay no income tax anyway, so why should I expect a tax rebate.  I do not wish to accept wellfare.  If I run out of money I will just go on the OAP, and I will still not be on wellfare.

Ex PS - typical leaner mentality - “if I run out of money , I’ll just put my hand out , bugger the taxpayer “

I note that those who talk about leaners are those who have generally inherited a fortune from mummy and daddy.  I am the taxpayer, if the government ruins the economy and I have to take my pension ENTITLEMENT so be it.

The government has no money of its own, if the people in government could make money on their own they probably wouldn't be politicians. The taxpayer hasn't got their hands on government money it is the other way round, the government can't seem to keep its hands of our money.

Stop relying on party rhetoric and try to come up with something original, your comments are starting to become a bit stale.  Some of your stuff is very similar to someone else who used to contribute to this site, that person left, I presume it was because people just stopped responding to them.

Not bugger the taxpayer, bugger lazy self interested politicians.

The mentality of a lifetime of PS culture. 

This country could be so great :(

With you 100% ex PS --

All this pollie talk before an election -- they need to sign it and make it true b4 I believe either of them and I would never believe Morrison or any of his miserable nasty lot -- they are so far right now they are downright dangerous 


Quote:   I am the taxpayer, if the government ruins the economy and I have to take my pension ENTITLEMENT so be it.

The aged pension is not an "entitlement" according to over 55% of younger voters who think the pension is a “welfare safety net” that should be only for those unable to fund their own retirement. Over 48 % of older voters believe the same, myself included.

There is a widespread belief that the Age Pension is an “entitlement” paid for through taxation, stemming from a tax increase introduced in 1943 by Ben Chifley, who sold it as a social security payment that would fund workers’ retirements. 

The truth is, the tax increase was required because the government was spending a lot of money on World War II but didn’t want to break its ‘no tax increases’ promise, so had to disguise the increase as a ‘welfare levy’. 

Trust the greedy Lieberal shills to jump on this. The sooner we have a Labor Government, the better for the nation.

 

Trust a Liebor fan to say this,sheesh.  Go and live in a communist country for all our sakes.

Greedy Lieberals are a disaster but greedy Labor is worse. When they steal the income of people who saved to be independent hundreds of thousands will be FORCED to go on the OAP, and then there will be less to go around and everyone will suffer. This nonsense about SFRs not paying tax is BS. They are saving the taxpayer tens of thousands a year. This greedy grab taking their franking credits will COST the nation billions, because instead of costing a few thousand in franking credits, hundreds of thousands will cost tens of thousands in OAP and then aged care, and people will STOP saving for retirement because it doesn't benefit them. It's patently STUPID and appallingly selfish on the part of pensioners who support this - demanding they get double benefits while SFRs get NOTHING. 

Already, my relatives are saying they are cutting back on saving because they see it's far better to have less and get a pension. Only a blithering idiot thinks that's good for the country!

Tell the rellies not to cut back on saving. Shorten will never get in. Hate him or hate him, ScoMo is the best we've got at the moment.

FirstPrev12(page 2/2)
20 comments