Superannuation backs Rudd on mining tax

[Doctor Jolly]

http://www.news.com.au/money/supera...referred-to-asic/story-e6frfmdi-1225881660425

"... But the superannuation industry claimed the (mining) ads posed a greater risk to the value of funds through scaremongering. The industry is one of the few to side with the Government against the miners...."

"..."Older Australians can be confident that their superannuation and pension investments are performing well," she said..."

"....Far from being derailed, most super funds are on track to report double-digit returns...."


Now, hands up all the right wing nuffies who got sucked into this mining tax bullsh1t on super. Elvis and morgoth come to mind.

 

[Eagle87]

http://www.news.com.au/money/supera...referred-to-asic/story-e6frfmdi-1225881660425

"... But the superannuation industry claimed the (mining) ads posed a greater risk to the value of funds through scaremongering. The industry is one of the few to side with the Government against the miners...."

"..."Older Australians can be confident that their superannuation and pension investments are performing well," she said..."

"....Far from being derailed, most super funds are on track to report double-digit returns...."


Now, hands up all the right wing nuffies who got sucked into this mining tax bullsh1t on super. Elvis and morgoth come to mind.

Super Funds will be fine, they will just reduce their exposure to Australian based miners and related industries. Invest more offshore.

By the way, you didn't point out that the body making these comments was the peak body for industry funds did you? I mean their assertions are like assertions from the ACTU....

None of this impacts remotely on the issue at hand, the tax is bad for future mining investment and projects not yet underway. It's a down the line issue, unlikely to be impacted by decimation on Day 1. That said, there was no doubt some impact as markets assessed the tax - the decision? It's unlikely we will get an RSPT anything like the one announced AND it won't happen for a while.
But I have no doubt many super funds have changed their mix of assets because of the RSPT announcement. I am sure morgoth can confirm that?

 

[Dry Rot]

http://www.news.com.au/money/supera...referred-to-asic/story-e6frfmdi-1225881660425

"... But the superannuation industry claimed the (mining) ads posed a greater risk to the value of funds through scaremongering. The industry is one of the few to side with the Government against the miners...."

"..."Older Australians can be confident that their superannuation and pension investments are performing well," she said..."

"....Far from being derailed, most super funds are on track to report double-digit returns...."


Now, hands up all the right wing nuffies who got sucked into this mining tax bullsh1t on super. Elvis and morgoth come to mind.

Are you taking the piss?

 

[tandino]

Is this the same superannuation industry that stands to receive a 33% increase in contributions as a "direct" result of this mining tax being implemented?

 

[Dippers Donuts]

Super Funds will be fine, they will just reduce their exposure to Australian based miners and related industries. Invest more offshore.

By the way, you didn't point out that the body making these comments was the peak body for industry funds did you? I mean their assertions are like assertions from the ACTU....

None of this impacts remotely on the issue at hand, the tax is bad for future mining investment and projects not yet underway. It's a down the line issue, unlikely to be impacted by decimation on Day 1. That said, there was no doubt some impact as markets assessed the tax - the decision? It's unlikely we will get an RSPT anything like the one announced AND it won't happen for a while.
But I have no doubt many super funds have changed their mix of assets because of the RSPT announcement. I am sure morgoth can confirm that?

god you dribble shit. quoting econtech again...
nice hypocrisy.
Bottom line is RSPT have will have a short term net effect of less than 1%.
**** off with your scaremongering ********.

 

[Dippers Donuts]

Is this the same superannuation industry that stands to receive a 33% increase in contributions as a "direct" result of this mining tax being implemented?

oh yeah, and whose bankrolling the libs and their stupid scare tactics.

 

[King Elvis]

This is pretty funny - the head of the Super Industry Board said a similar thing about a month ago; and was then promptly shouted down by the heads of the major funds, who stated he was out of line and did not represent their views on this issue.

Nice work though DJ, I'm sure you'll get a firm grip on one of those straws sooner or later.

 

[noddy]

This is pretty funny - the head of the Super Industry Board said a similar thing about a month ago; and was then promptly shouted down by the heads of the major funds, who stated he was out of line and did not represent their views on this issue.

Nice work though DJ, I'm sure you'll get a firm grip on one of those straws sooner or later.

Are you sure about that ?

Who would i trust on advice concerning my hard earned super

On one hand the super dooper billionaires club of the multinational mining companies who tell half truths like they are coming out of fashion.

Or the head of the Superannuation Industry who actually looks after my hard earned super.

Not a hard choice is it people.

 

[morgoth]

You mean the super funds that make 1% on funds invested are supportive of a scheme that in their eyes will increase their fund inflows by 25%??

Who would have thought! Yet miners are 'evil' for trying to look after their interests but super funds are good. I know who adds value to Australia and it aint the super funds. It's why people with money rip it out of these funds into a DIY at the first possible opportunity.

 

[noddy]

You mean the super funds that make 1% on funds invested are supportive of a scheme that in their eyes will increase their fund inflows by 25%??

Who would have thought! Yet miners are 'evil' for trying to look after their interests but super funds are good. I know who adds value to Australia and it aint the super funds. It's why people with money rip it out of these funds into a DIY at the first possible opportunity.

Who said evil ? greedy & selfish maybe but they are necessary, it's only when i see the billionaires club wallys dress up like workers alongside the plastic advertisement of Australian politics to conduct a corner shop rally that gets up my goat.

 

[Eagle87]

Who said evil ? greedy & selfish maybe but they are necessary, it's only when i see the billionaires club wallys dress up like workers alongside the plastic advertisement of Australian politics to conduct a corner shop rally that gets up my goat.

Billionaires have no right to an opinion?

A bit of good old fashioned reverses snobbery in your posts Noddy.

By the way, who do you reckon has a better handle on mining company financing and expansion, you or Twiggy?

I mean, I understand your view that he is acting out of self interest (just as you are when arguing for collective bargaining and so on) but what about the substance of his assertions? I mean he is actually right, the banks don't rate the 40% government "interest" and Henry has allegedly said that without it the RSPT doesn't work - it's just a cash grab. He is right.

Noone in government will address that, Henry went magically on leave the day after Twiggys comment and has been in communicado ever since - very odd.

It's a shit tax. It will hurt investment. It will raise a lot of revenue in the next few years. But will likely lead to less revenue beyond that due to reduced investment.

How about addressing substance rather than rolling out lazy cliches. Being nice, you seem a rusted on ALP "up the workers" type with limited perspective and even less actual knowledge.

 

[noddy]

Billionaires have no right to an opinion?

A bit of good old fashioned reverses snobbery in your posts Noddy.

By the way, who do you reckon has a better handle on mining company financing and expansion, you or Twiggy?

I mean, I understand your view that he is acting out of self interest (just as you are when arguing for collective bargaining and so on) but what about the substance of his assertions? I mean he is actually right, the banks don't rate the 40% government "interest" and Henry has allegedly said that without it the RSPT doesn't work - it's just a cash grab. He is right.

Noone in government will address that, Henry went magically on leave the day after Twiggys comment and has been in communicado ever since - very odd.

It's a shit tax. It will hurt investment. It will raise a lot of revenue in the next few years. But will likely lead to less revenue beyond that due to reduced investment.

How about addressing substance rather than rolling out lazy cliches. Being nice, you seem a rusted on ALP "up the workers" type with limited perspective and even less actual knowledge.

In it's present form i agree & i also would agree in that the presentation was poorly planned by Rudd & Swan but in general the idea is correct, there are many reputable economic experts who know a lot more than me who believe that a profits based tax for the mining company's who extract our minerals from the ground is the way to go.

You mentioned snobbery dear boy, do carry on.

 

[Financialpanther]

Super Funds back Mining Tax - hmmmm - let me guess - they get something out of this don't they (oh my god!).

Its like the Retail Industry body complaining like hell when the RBA lifts rates and applauds like hell when they drop. Self Interested Parties should not be afforded this headline - everyone whinges that the Billionaires complain but everything is ok when the Super Industry that stand to win from increased contributions (a long term win for them as opposed to a long term loss from the mining industry) to increase their commissions.

Seriously - if this is supposed to justify something - sorely lacking.

 

[King Elvis]

In it's present form i agree & i also would agree in that the presentation was poorly planned by Rudd & Swan but in general the idea is correct, there are many reputable economic experts who know a lot more than me who believe that a profits based tax for the mining company's who extract our minerals from the ground is the way to go.

You mentioned snobbery dear boy, do carry on.

Once again - including the Mining companies themselves.

Are you sure about that ?

Who would i trust on advice concerning my hard earned super

On one hand the super dooper billionaires club of the multinational mining companies who tell half truths like they are coming out of fashion.

Or the head of the Superannuation Industry who actually looks after my hard earned super.

I'm certain - we've discussed this before in one of the main threads (obviously thread starter forgot), and articles were linked where the heads of the funds themselves contradicted the statements of the Super council guy.

 

[Dry Rot]

Super Funds back Mining Tax - hmmmm - let me guess - they get something out of this don't they (oh my god!).

Its like the Retail Industry body complaining like hell when the RBA lifts rates and applauds like hell when they drop.

Yes, not too difficult to figure out.

 

[GuruJane]

If Abbott becomes PM he might very well enlist Paul Keatings advice on the best path towards attaining a 15% super contribution. He and K have more in common than many realise.

 

[Hawkamania!]

Are you sure about that ?

Who would i trust on advice concerning my hard earned super

On one hand the super dooper billionaires club of the multinational mining companies who tell half truths like they are coming out of fashion.

Or the head of the Superannuation Industry who actually looks after my hard earned super.

Not a hard choice is it people.

I wouldn't trust any of them, the financial industry or politicians with my super. And I would trust you even less when it comes to advice on who to trust.

 

[Financialpanther]

It would be interesting to see how much the head of superannuation earns and what kind of performance metrics are in place. Hardly done as a benevolent act that would justify blind faith.

 

[noddy]

I wouldn't trust any of them, the financial industry or politicians with my super. And I would trust you even less when it comes to advice on who to trust.

My wife doesn't trust me either especially with money so you are not alone.

 

[Financialpanther]

My wife doesn't trust me either especially with money so you are not alone.

Haha - if she doesn't trust you with money - you are doing something right!

 

[morgoth]

Hard earned super is just someone elses meal ticket.

So a retail fund with $1b under management at average fees of 1% all of a sudden has a chance to get an extra 25% inflow a year in perpertuity and you reckon they would have an 'impartial' view. 25% increase in revenue to them, no risk, guarenteed as long as they stay around the mean rate of return and piss in the planners/trustee/s pockets.

There is a reason all the banks have got in on the act.

I am just thankful that my super is in my own fund and these shisters are getting nothing.

 

[Hawkamania!]

My wife doesn't trust me either especially with money so you are not alone.

. Women can sometimes be cruel with budgets. My stripper and blackjack allowance is on hold at this time. I'm keeping my next pay rise and earnings a secret.

 

[tandino]

oh yeah, and whose bankrolling the libs and their stupid scare tactics.

So you have no problem with self-interest as has been displayed in the OP?

 

[Qsaint]

Now, hands up all the right wing ...he union super funds, et al its the ALP view.

 

[King Elvis]

Oh snap.