'I wouldn't be tinkering': Senator warns $168b Future Fund should not prop up super sector | CharlotteGriev1
Liberal Senator Andrew Bragg has shot down suggestions the $168 billion Future Fund should be raided to stimulate the economy or to prop up super funds struggling to meet demand for early withdrawals.
Liberal Senator Andrew Bragg says the coronavirus pandemic should not give cover to super funds'"imprudent practices."The Morrison government over the past month has introduced a suite of extraordinary policies to reduce the economic impact of the coronavirus crisis.
"The super funds receive 9.5 per cent of peoples' wages. They’re getting effectively free money and they have to do nothing to collect it. This has created a huge sense of complacency and privilege." "There may be scope for the Future Fund, properly structured, if the banks have capital issues to lend or to provide tier one or hybrid capital on certain convertible terms and re-establishing the balance sheets of banks or other companies," he said. "The government can print unlimited money so I think they'd rather keep it [Future Fund] pure.
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