TE-BO: The Coalition again want to change the ‘Super’ and Retirement conditions attached …

TE-BO: The Coalition again want to change ‘Super’ and Retirement conditions attached …
| Author: TE-BO – The Eye-Ball Opinion| Date: April 14th, 2014 |

the-eyeball-opinion6Treasurer Hockey is floating the idea about lifting the retirement age to 70, and giving all welfare recipients a haircut in the upcoming budget.

You do remember during Prime Minister Howard’s last year in office – [2006-07] – the Coalitions policy to allow the rich to put up to $1,000,000 into their super funds. Some $50 billion went in in that year and the Government chose to forgo the tax on that revenue in favour of the 15% up front super tax payable.

In essence – the wealthy received a massive tax break – who else has a spare million they can park away for a decade or two?

As ‘karma’ saw the injustice – the GFC hit and wiped a big chunk off the value of that $50 billion, and by my calculations – fund managers are still way behind on the capital value of those funds.

Last week Treasurer Hockey was telling all welfare recipients that were in for a harsh budget. This week it is superannuates and retirees in the firing line. I also read somewhere that the MP’s were considering giving themselves another hefty pay rise some time in the near future. When will someone get serious about tax revenues and expenditures?

The Qld Health Minister Mike Lucas under Anna Bligh was responsible for a $billion mistake when he authorised a new computerised wage system that was untried.  He alone made the error yet QLD taxpayers wear the financial loss.

The previous Federal ALP Government made financial errors amounting to hundreds of $billions and Gillard, Swan, Wong, Garrett,  and many other Ministers all played their role as irresponsible and incompetent Ministers.

There are so many errors made by elected officials who are never made personally accountable – in the real world where crime is punishable – fraud and financial accountable have consequences. In Politics the mistakes always become the burden on taxpayers.

The moral questions to be addressed in this budget with Labor’s financial mess transferred falls on Treasurer Hockey’s shoulders.  His political weakness on financial matters when compared with Malcolm Turnbull is obvious.  Hockey’s inability to think outside the box is evident when all he can come up for budget savings is to target the welfare, and the retiree sectors.

There is no talk in lifting tax levels for high income earners – there is some talk of tweaking the middle class welfare introduced by Howard.  All Hockey wants to see is a revenue shortfall.  Where are all the budget cuts outside the welfare spend?  All I have seen is some talk about making those retirees who can afford it pay for their own medical needs.

There is no cut to the billions spent on parliamentary superannuation – super funds that can be access well before retirement ages, and how can MP’s reconcile the generous pensions they receive when most who leave parliament enter the workforce again – and are paid well in excess of what they were paid as an MP.   It’s an excess that should be high on Mr Hockey’s agenda if he is serious about setting an example.

One will only get serious about the integrity of our Leaders when they make their own sacrifices they expect the people they govern to make.

It would send such a message if rather than screw all those living on a pension, and those who have poor superannuation funds – turn it on yourself and set an example by freezing all pay increases for every public servant.

I did some research and some 30-40 years ago the public sector earned wages some 10-20% below those in the private sector. Those positions have reversed in today’s labour market and the question is screaming – are today’s public servants worthy of that reversal in pay scales?

Fuck-off Mr Hockey – there is nothing original about your Budget management process – yes we now have massive debt to be serviced that was not there last time you were in office. There is a massive spend on environmental issues that are also new, the NDIS, the Education pledges, the Health pledges, all pledges your Party locked into during the election campaign.  You cannot blame the ALP for your own pledges.

You are the Government and you have to do so much better Mr Hockey – in the meantime you get no points for being ordinary … leave the pensioners alone, and leave super and the retirement age alone.  Find a way Mr Hockey and if you need help – ask the many million who are so much smarter than those in Treasury and in your office acting as advisers.

Hell ask me and I’ll give you a lap full of options – for starters:

  1. A transaction tax on all “buy” A$ FX trades, on all Overseas funds transfers regardless of their purpose and source, on all Imports and particularly hash on luxury goods …

The key to a stronger economy and more tax revenue is a lower currency – it will make our labor force more competitive on the global stage, it improves our GDP exponentially for every $A0.05 cents lower it goes. I’m amazed the RBA head Glen Stevens has not fought harder to achieve this – all he seems to talk about is using interest rates and they can’t go any lower. The A$ has risen almost A$0.10c since official rates hit 2.5%.

Come on Mr Hockey – you have to do so much better – your Nation needs you … if it is beyond you get out and let someone else have a go. We are paying the price for letting Mr Swan serve as Treasurer – his gong as the world’s best Treasurer has proved to be a measure on just how dumb the rest of the world is … don’t repeat his mistakes – i.e. when you know you’re in over your head – don’t hang around for the parliamentary pension – do the right thing and fuck off …


This entry was posted by TE-BO - [The EYE-BALL Opinion].

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