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Meanwhile Union-dominated super funds would lose their special status under a draft Productivity Commission recommendation that would delink superannuation from awards and allocate new workers to default funds only once. Two-thirds of Australian workers stick with the default fund chosen by their employer or industrial agreement, and many end up with multiple accounts after being put into new default funds each time they change jobs. The commission believes that 40 per cent of workers have more than one account, meaning that many have multiple life insurance policies and multiple sets of administrative costs. The combined administrative and unnecessary insurance costs amount to $150 million for every 500,000 to 600,000 duplicated accounts. The Age SUBSCRIBE PoliticsList subcategories SAVE LICENSE ARTICLE 209 READING NOW SHOW COMMENTS One default fund for life. The Productivity Commission takes on unions over super Advertisement Peter Martin 9 hrs ago Play Video Targeting superfluous super Union-dominated super funds would lose their special status under a draft Productivity Commission recommendation that would delink superannuation from awards and allocate new workers to default funds only once. Two-thirds of Australian workers stick with the default fund chosen by their employer or industrial agreement, and many end up with multiple accounts after being put into new default funds each time they change jobs. Advertisement The commission believes that 40 per cent of workers have more than one account, meaning that many have multiple life insurance policies and multiple sets of administrative costs. The combined administrative and unnecessary insurance costs amount to $150 million for every 500,000 to 600,000 duplicated accounts. RELATED CONTENT Simplicity. How the Productivity Commission will take on the funds Foxes in the hen house. Chilling new ad takes on banks The commission's draft recommendations will remove the ability of unions and employers to leverage workers into their jointly controlled industry funds and the ability of banks to tempt employers to leverage workers into bank funds by offering employers sweetheart banking deals. "This isn't against industry funds or against retail funds," the commission's chairman Peter Harris said. "It's about removing the guaranteed flow of new members to all sorts of funds." "It's interesting that the only thing that seems to unite the superannuation industry is its opposition to the hideous prospect of having to compete for work. That might be an indication that we are on the right track." Under the commission's proposal, Australians entering the workforce would be allocated to a default fund only once and would stay with it for life or until they decided to leave. It has put forward four models for allocating new workers to funds without, at this stage, identifying which it prefers. One is to have employers make the decision by choosing from a shortlist of funds deemed to be "good". Extra protections would be put in place to ensure they put their employees' interests ahead of their banking relationships. Another is to have employees make the choice from a list of between four and 10 funds selected by a government body. Those that did not would have their super allocated to a "last-resort fund" possibly run by the government's Future Fund. A third model is for the government to run an auction for the right to be the national default fund for a fixed number of years with the winner being the fund that offered to charge the lowest fees. The winner would be required to offer the same low-fee product to anyone who joined. The fourth model is a more complicated tender process in which the government picked a winner on a number of criteria including past performance, member satisfaction, investment strategy, fees and innovation. "It's a philosophical choice for the government," Mr Harris said. "If the member or employer is involved, they own the decision and might become more involved in their super. If the government makes the decision, it will own the choice. "The important thing is that it is absurd to continue to allocate people to new default funds each time they change jobs for no other reason other than that it was a simple thing to do in 1992." The inquiry's deputy chair, Karen Chester, said back when compulsory super was set up in 1992 many people still thought they might have one job for life. "These days under-25s are turning over jobs once every 1.5 years. Australians aged 25 to 35 are turning over jobs every 2.5 years. We have seen estimates that suggest today's young people will have 17 jobs over their working life." Claims by industry funds that their default status served members well because they provide good returns didn't hold water, Ms Chester said. "Averages can hide a multitude of things. There's a long tail of entrenched underperformance in both the industry and retail funds." "You only need to look at the profile of default funds. They have two-thirds fund members, but only one-quarter of fund assets. What does that tell you?" Ms Chester pleaded for input from ordinary fund members before the report is finalised. "To date, most interest has come from the funds themselves," she said. "We want to also hear from young Australians and those who might want to think about their interests, such as parents. This is about us going for a circuit-breaker, looking out for the interests of super fund members."
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Mar 29, 2017 00:34
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The ABC posted:It's been dubbed the "varicose vein of Sydney" but Parramatta Road could soon be transformed. So a long vehicle, with wheels, that goes on a road, takes a bunch of people and doesn't require power lines. Why do these "track-free" trams sound so familiar? I'm BUSting my brain here trying to think of what they remind me of.
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Mar 29, 2017 00:35
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Because trams are electric duh
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Mar 29, 2017 00:37
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Fire everyone to their destination in cannons imo
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Mar 29, 2017 00:41
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the productivity commission is the worst poo poo just replace it with one public servant with two stamps: DEREGULATE or PRIVATISE
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Mar 29, 2017 00:42
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starkebn posted:50,000 properties without power in North QLD, further proof of the failure of renewable energy Pretty sure that's actually labor's fault through their proxy unemployed voters. Issue unproven debt notices to every labor voter in QLD, immediately if not sooner.
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Mar 29, 2017 00:48
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Senor Tron posted:I was surprised that no-one tried to prove the absurdity of that coal stunt by releasing a bunch of coal smoke in parliament. Coal fired braziers. Not charcoal mind you. Coal.
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Mar 29, 2017 00:49
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BBJoey posted:the productivity commission is the worst poo poo What issue do you have with the proposal? Couldn't they just link your super account with your TFN and have your super account follow you around between jobs that way? Seems like the simpler alternative.
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Mar 29, 2017 00:51
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starkebn posted:50,000 properties without power in North QLD, further proof of the failure of renewable energy They're all owned by politicians claiming regional allowances I wouldn't worry.
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Mar 29, 2017 01:00
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freebooter posted:Imagine if back in the '90s we'd thought, well, climate change needs to be prevented and even if it's not true coal runs out anyway, so let's have a massive government program of subsidies for developing and investing in renewable energy, I mean, this is Australia, we get bombarded with tens of thousands of square kilometres of radioactive sunlight every single day, let's become a world leader in solar and have a booming industry exporting that tech to the rest of the world. Australia was a solar energy leader until ~ 1990. JWH then came in and jammed progress so far up the populace's collective pooper that was are now solar laggards and international pariahs*. A situation not entirely dissimilar to welfare, humanitarian issues, industrial relations and social policy. Imagine how dissapointed you'd be if you lived to see the wave of progress crest and the break into a billion droplets of trickle down urine.  *pariah status no longer valid in some other regressive poo poo-hole countries. Meanwhile in a spirited bid to remain completely poo poo forever: The  productivity commission releases a report on superannuation funds.http://www.abc.net.au/news/2017-03-29/productivity-commission-proposes-default-superannuation-overhaul/8395572 quote:Superannuation overhaul could mean you don't need multiple accounts AM By senior business correspondent Peter Ryan Updated about 2 hours ago So these completely ideologically neutral submissions just happen to specifically target the industry superfunds that are the best performers in the current market. Well that certainly seems reasonable. Why don't they change it so if you have a very low super balance in any account it attracts NO FEES. Watch how fast super funds attempt to transfer these accounts to someone else. If there was a "structural fault(s)" in the existing system then this is it. I have had multiple thousands of dollars dissappear into the supper fee black hole. Why? Because my main super account is not able to accept deposits and the return on the super outside that fund isn't enough to cover the fees on an ongoing basis. They didn't hit me with a kosh and take my money but the result was the same. e;fb
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Mar 29, 2017 01:13
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Bogan King posted:So a long vehicle, with wheels, that goes on a road, takes a bunch of people and doesn't require power lines. Why do these "track-free" trams sound so familiar? I'm BUSting my brain here trying to think of what they remind me of.  From yesterdays SMH article on the subject.
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Mar 29, 2017 01:14
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https://twitter.com/Kieran_Gilbert/status/846826740395618305 This will help his standing and our relationship with China greatly.
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Mar 29, 2017 01:22
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Cory Bernardi is doing a speaking tour apparently. https://www.eventbrite.com.au/e/cory-bernardi-the-why-event-tickets-33201286943#tickets Tags for the event: 18c, Climate Change, Conservative, Free Speech, liberal, libertarian 
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Mar 29, 2017 01:22
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Zenithe posted:Cory Bernardi is doing a speaking tour apparently. You forgot the "poo poo head" tag
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Mar 29, 2017 01:36
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You Am I posted:You forgot the "poo poo head" tag Zenithe posted:libertarian 
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Mar 29, 2017 01:46
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Bogan King posted:https://twitter.com/Kieran_Gilbert/status/846826740395618305 Abbott is a hypocritical piece of garbage, but the Chinese government explicitly said they would release Australians in custody in China (like the Crown Casino employees) if we agreed to ratify the extradition treaty - aka holding hostages - so gently caress 'em.
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Mar 29, 2017 02:12
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Word cloud for February, just in time: 2017: JF 2016: JFMAMJJASOND 2015: JFMAMJJASOND 2014: JFMAMJJASOND 2013: AMJJASOND Highlights from last month's thread: You Am I posted:He's one of her moron candidates does something disgraceful: "Oh that's our Pauline/One Nation! What laughs! Here's Pauline again with an awful sound bite. Remember Pauline is the only alternative to Labor and Liberals" Cartoon posted:At best you are balancing/redistributing/rationalising. It strains the English language beyond what it can take to suggest that reducing a penalty rate is giving anybody anything. Also your example (although obviously deliberately simple) in no way reflects the actual opinions of the current business environment in Australia. JBP posted:Oh. I'm an only child and my parents to die is a more effective use of my dad's yearly income and he was senior at the same time sold tax cuts for business, no wage growth, the LNP are bad. Bad and sad, three words. I'll help the poor people, kiss the babies, gently caress the lonely housewives. I'll fix it all."
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Mar 29, 2017 02:32
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V for Vegas posted:Abbott is a hypocritical piece of garbage, but the Chinese government explicitly said they would release Australians in custody in China (like the Crown Casino employees) if we agreed to ratify the extradition treaty - aka holding hostages - so gently caress 'em. The only way to win is not to play. --------------- https://twitter.com/SenatorLudlam/status/846897909534679040
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Mar 29, 2017 02:41
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Bogan King posted:So a long vehicle, with wheels, that goes on a road, takes a bunch of people and doesn't require power lines. Why do these "track-free" trams sound so familiar? I'm BUSting my brain here trying to think of what they remind me of. the real issue is whether you can cover them in tinsel and other christmas decorations
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Mar 29, 2017 03:04
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Mark Latham sure is a piece of poo poo.
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Mar 29, 2017 03:12
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JBP posted:Mark Latham sure is a piece of poo poo. It's also taken 3.5 weeks for anyone to notice him saying what he said. The reach of Outsiders is strong.
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Mar 29, 2017 03:18
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gently caress me.
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Mar 29, 2017 03:20
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JBP posted:gently caress me. No. Have a look at Slippers official portrait instead maybe you can get your rocks off to that. 
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Mar 29, 2017 03:36
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I was exasperated, I am not gay Mr Latham.
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Mar 29, 2017 03:55
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JBP posted:Mark Latham sure is a piece of poo poo. What'd he say? What'd she say?
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Mar 29, 2017 04:06
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Latham called a a high school kid gay.
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Mar 29, 2017 04:16
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MysticalMachineGun posted:What'd he say? quote:On the March 12 edition of Outsiders, Latham and his co-hosts, Ross Cameron and Rowan Dean, discussed a video created by Sydney Boys High School students where they spoke about why feminism would be important to them if they were women. The boys at the boys school look like d***heads doing their video, total d***heads, Latham said on air. He added: I thought the first guy was gay. He's sinced doubled down on it.
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Mar 29, 2017 04:23
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John Howard has two notable achievements worthy of respect: Gun control laws and stopping Mark Latham from becoming Prime Minister.
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Mar 29, 2017 04:30
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https://twitter.com/ellinghausen/status/846930038687641604
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Mar 29, 2017 04:45
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He's my local bloke. Gets by on being young and knowing what a meme is.
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Mar 29, 2017 04:51
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Seemlar posted:He's sinced doubled down on it. He's now attacking the teenage daughter of the Governor of the RBA: https://www.theguardian.com/australia-news/2017/mar/29/mark-latham-attacks-15-year-old-daughter-of-reserve-bank-governor
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Mar 29, 2017 05:44
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You Am I posted:He's now attacking the teenage daughter of the Governor of the RBA: Latham posted:And I say to the young Miss Lowe, Get some interest in people unlike yourself: the disadvantaged, the poor growingironicat.gif
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Mar 29, 2017 05:50
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You Am I posted:He's now attacking the teenage daughter of the Governor of the RBA: What the gently caress is going on with this bloke and this show. In the immortal words of Kerry Packer "get this poo poo off the air."
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Mar 29, 2017 05:51
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Well we had the 'Human Headline' now we have the 'Human* Garbage-fire'. *DNA testing was inconclusive. Also please note Latham is Centre-Left in the ALP spectrum disorder.
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Mar 29, 2017 05:58
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Saviour of penalty rates...Some crazy assholes? The Federal Opposition is set to clinch a Senate victory on its bill to block the Fair Work Commission's (FWC) recent penalty rates decision, in a move that will put further pressure on Prime Minister Malcolm Turnbull to intervene. One Nation, the Nick Xenophon Team and crossbench senator Derryn Hinch reversed their positions and will now back Labor's bill, which will almost certainly be defeated when it returns to the Lower House. It comes as the Senate last night passed, as a matter of urgency, a motion condemning the Prime Minister's, "lack of empathy for Australian workers who rely on penalty rates to make ends meet". During that debate, Senator Hinch openly acknowledged public pressure and a "very clever campaign" run by Labor had forced him to change his long-held position on penalty rates. "I believe they should be the same as Saturday rates on this I supported the umpire's decision," he said. "But in my maiden speech I promised I would listen. I have decided now to go to the third umpire, and the third umpire's decision is that cuts to Sunday penalty rates are O-U-T, out!" One Nation Leader Pauline Hanson also supported the FWC decision, arguing it would give "struggling small businesses" a chance at growth, but she too appeared to have caved in to public pressure. Labor's employment spokesman Brendan O'Connor welcomed the apparent change of heart but questioned whether the crossbenchers were in fact trying to save their own jobs. "I question their motives," he said. Last month's decision by the FWC to reduce Sunday penalty rates for some workers in the hospitality, retail and fast-food industries sparked a political furore and opened up a new line of attack for the Opposition. Mr Turnbull initially tried to distance himself from the ruling but he later backed it, arguing the Government respected the independence of the FWC and was standing up for small business. However this tactic allowed Opposition Leader Bill Shorten to draw the battle lines between the Labor Party which stands up for workers and the Coalition which backs business. Mr Shorten warned the penalty rate cuts were the "thin end of the wedge" for workers in other industries and called on Mr Turnbull to support Labor's bill to, "protect the take-home pay of Australian battlers". While Labor's bill to overrule the FWC's decision is expected to pass the Senate, it will almost certainly be defeated in the Lower House where the Government holds a slim majority. loving lmao  This Government dot gif
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Mar 29, 2017 06:04
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You Am I posted:He's now attacking the teenage daughter of the Governor of the RBA: I love it how the show was on sunday but no one noticed it till today.
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Mar 29, 2017 06:12
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JBP posted:What the gently caress is going on with this bloke and this show. In the immortal words of Kerry Packer "get this poo poo off the air." He probably has a legit personality disorder that needs therapy and drugs. He crosses that line of loathsome idiot to outright mad dog.
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Mar 29, 2017 06:20
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I would blow Dane Cook posted:I love it how the show was on sunday but no one noticed it till today. I love how TV networks still like to pretend to advertising companies that they have widespread viewership to justify their advert slot prices.
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Mar 29, 2017 06:31
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Lid posted:He probably has a legit personality disorder that needs therapy and drugs. He crosses that line of loathsome idiot to outright mad dog. More likely he is a massive loving arsehole who is also old and white.
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Mar 29, 2017 06:31
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JBP posted:More likely he is a massive loving arsehole who is also old and white. There are lots of old white arseholes, how many of them make you think of Mark Latham other than Mark?
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Mar 29, 2017 06:32
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