OPINION: The purpose of superannuation should be retirement savings. But in practice it’s about bringing Australians to heel as serfs to industry funds, write Tim Wilson and Jason Falinski.
At last week’s superannuation lending roundtable, federal Treasurer Jim Chalmers carried the bravado of George W. Bush’s “Mission Accomplished” moment, proclaiming “the super wars have largely been won”.
Keating is on course to have more positions on the relationship between super and housing than our most recent prime minister had ministries. It’s the incremental stranglehold funds have that are reminiscent of Lenin’s definition of the “commanding heights” of industries that influence the behaviour of all other sectors.Instead, they’ve learnt government doesn’t need to own assets for them to control them. It is far easier to compel people to give you their money and privately own the assets on their behalf, removing the need to regularly win elections.
And if not, it won’t be the sound of union official’s expletive-laden abuse of managers to worry about, but the silence from industry funds using their leverage to turn off the financial tap.Under its current structure, the system has design elements aligned with a domestic “belt and road” initiative, where capital is used to build the infrastructure of influence.
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