April 9th 2005

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Articles from this issue:

EDITORIAL: Why did Terri Schiavo have to die?

CANBERRA OBSERVED: Welfare to work: serious changes needed

NATIONAL AFFAIRS: Trade and Australia's farm dependent economy

NATIONAL AFFAIRS: Infrastructure back on the agenda

FILM CLASSIFICATION: Report whitewashes declining film standards

FOREIGN AFFAIRS: Australia, Indonesia to negotiate new treaty

STRAWS IN THE WIND: Relearning Federalism / 'New' thoughts on marijuana / Kofi's whitewash

Neglect of public infrastructure (letter)

New deal for superannuation (letter)

Compelling case for rail transport (letter)

Selling the nation's assets (letter)

AUSTRALIAN HISTORY: The Labor Split - 50 years on

FAMILY: AFA calls for adopting parents to be married

FAMILY LAW: Family Court 'a monstrosity'

BIOETHICS: Australian stem cell breakthrough - adult nose cells pluripotent

OPINION: Pot goes in the too-hard basket

ENVIRONMENT: The death of environmentalism?

BOOKS: OUTRAGE: How Gay Activists and Liberal Judges Are Trashing Democracy to Redefine Marriage

BOOKS: LIBERATION'S CHILDREN: Parents and Kids in a Postmodern Age

Books promotion page

New deal for superannuation (letter)

by Robert Bom

News Weekly, April 9, 2005

From July 1, 2006, employees under state award systems will get freedom of choice for their superannuation contributions.

This move will help to end the loophole established during the Hawke-Keating governments to mandate and direct employees' superannuation towards union-dominated industry funds.

When they were first put into place, the union funds caused controversy within financial circles, as life insurance statutory funds were used.

The cost and maintenance of the union funds were a heavy burden to life insurance policyholders. Bonuses paid to policyholders were drastically reduced.

Many millions of dollars were being redirected towards the upkeep of the new funds.

Understandably, the unions were happy with the deal, but life insurance policyholders have never been compensated.

The challenge now will be for union funds to publish their fees and charges under a standard formula that will be required from all other superannuation funds.

Robert Bom,
Rockhampton, Qld

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