Australia's Compulsory Superannuation was introduced in 1992 by the Keating Labor government. I saw this as one of the carrots they suspend in front of an already tired workforce, purposed to make them work harder.
Yes this is how I saw the government's fiscal reform. Sugar coated and packaged as 'good for us.'
This is the beginning of the fascination with Superannuation in Australia. It was around this era that I first had an inkling the government wasn't telling the story straight.
It was reform central in Canberra. Each week there was something new on the agenda and the speed it was rolled out was dizzying.
The institution of ATSIC in the Hawke - Keating Labor government through the Aboriginal and Torres Strait Islander Commission Act 1989 (the ATSIC Act) took effect on 5 March 1990.
In hindsight this was done
The objective was to get the first peoples to sign over the land. Government knew what was under it and they needed to get the Indigenous Policy house in order first to gain appropriate paper work to back themselves up legally.
How convenient it is that the Howard government would see the end of ATSIC in 2005 saying it never achieved what it was supposed to. Yes it did. White man achieved rights to land to lawfully push the black man off his land.
Government seemed frantic to get this under way. Cashing in on the appearance of acting like the nice guys with the institution of indigenous affairs. It didn't fit together, infighting started between mobs and the illicit money/carrots handed out, is what caused the fighting. A house divided cannot stand, this is what they hoped for. A brokenness amongst what was left of the first nations of this land.
It was at this time the trade union movement went through some serious heave - ho's as well. The trade unions were then demonized and publicly humiliated and the amalgamation occurred.
This is when I saw what I thought was the smelliest combination ever, the formation of the CFMEU in 1992.
Construction, Forestry, Mining and Energy Union. This immediately raised the heckles and prickled my senses because this would never work if this were to be helpful for the country. How could mining and forestry be in bed together.
This union of the changing workforce was integral to the plan. Yes, the work force would change away from farming and into mining. The farms were being bought up by overseas interests in mining that is why.
At the same time the farmers were taking a huge hit on the markets with prices, especially in the dairy industry. For these farmers there was no other choice but to go big or go broke. Hundreds of farmers walked off the land, handing back the quotas they had held for generations of farming.
With the influx of workers away from these classic farming industries into employment tied to mining coupled together with the high wages offered is where Compulsory Super enters the fray.
|English: Paul Keating in 2007 - crop. (Photo credit: Wikipedia)|
It was seemingly decided the people were no longer responsible enough to plan for old age. This is how they managed to swindle the past savings, the present savings and any future savings from the workforce of Australia. Small Business were to struggle with these institutions by government (Jonathon Barrett - Fin Review 02/07/13)
Large corporations benefited greatly. These corporations struck back room deals to make it more profitable for large corporations to reap higher benefits.
It was calculated by this government that Australia, like other Western countries, would go through a major change in demographics in the future and this would cause the governments of the future some challenges around delivering pensions to the aged workforce, resulting in a strain on the economy of the country.
|Share of superannuation industry fund assets. (Photo credit: Wikipedia)|
The "three pillars" approach to retirement income:
The change came about through a tripartite agreement between the government, employers and the trade unions.
- A safety net consisting of a means-tested Government age pension system
- Private savings generated through compulsory contributions to superannuation
- Voluntary savings through superannuation and other investments
The trade unions agreed to forgo a national 3% pay increase which would be put into the new superannuation system for all employees in Australia.
This was matched by employers contributions which were set to increase over time to a proposed 12%. Subsequent changes meant this has been capped at the lower employer rate of 9%. Wiki
Paul Keating deregulated the banking industry while treasurer of the Hawk Government, and was the driving force behind the macro and micro-economic reforms.
Keating floated the Australian dollar in 1983, reducing taxes now called tariffs on imports. He turned the tax system on its head and moved it from centralized wage-fixing to enterprise bargaining.
He was hell bent of the privatization of public assets such as Qantas and the Commonwealth Bank.
Keating introduced the Prices and Incomes Accord. This was an agreement between the Australian Council of Trade Unions (ACTU) and the government to negotiate wages.
His cosy relationship with ACTU President Bill Kelty, afforded great political power to Keating.
A power that would enable Keating to bypass the Cabinet. He did this most notably in exercising monetary policy.
Because of this and he was often referred to as "the most powerful Treasurer in modern times". I see a connection. Superannuation is held in funds and these funds invest in projects across the world which is everything that Keating put the broom of change through. His connections to Bob Carr are a worry as well. His daughter went on to work for Bob Carr.
Funds and Banks have one commonality, the drive for a profit with our money that we were ordered to invest,. Keating had succeeded and had made all of this legislation. Our money was now tied up by law.
The seismic studies were done and the information correlated. There was natural gas under the country and they wanted it before people woke up to what devastation this would cause to Australia's water supplies. The Academia around geology and water saw new directions for research in the hallowed halls of the universities, occurring simultaneously. There was a shift in research into mineral extraction and how to fix what mining destroys, research was focused around water quality from mining projects.
I would assume it was around this time also that the geologists were brought on board on mass. If you want to change something it is in the schools of education. How are we supposed to know. We are not the Professors, are we?
|Total superannuation industry assets at the end of the financial year 1996-2006. (Photo credit: Wikipedia)|
Australia was open for business to the overseas energy whores to take what they wanted. Our funds were invested in this diorama of hell they were creating. This is my perception of the events.
We are supposed to not make this link . We are not meant to see the purposes of these back room faceless men planning to swindle the Australian public with corrupt money deals.
Overseas controlled corporations that have no care of concern for culture or country and only see Australia as a revenue raising target and no more. Our government is aware of what's going on and with the recent revelations from the ICAC investigations, it is proven that various levels of government have had snouts in the trough.
Where is this going? I want to see a royal commission into Superannuation in Australia. I want to know where all the money has gone and I want to know how much of this has been invested in mining and has already been lost and is long gone. I feel this is why there is freeze on Super at the present moment. Because the money they promised just isn't there is it.
More laws passed, more hoops to jump through, especially for small business and really what is in it for us? Its that carrot, this is an age old principal and its how they manipulate the workforce to do what want, they dangle the carrot. People are numbed by the Mercury and the Fluoride they just can't see and they are so fully mesmerized by this. Its all just that pitiful.
Images @ Eminpee Fotography