Watching Treasurer Scott Morrison on TV news trying to justify the Govt’s years of stonewalling against holding a Royal Commission into Banks by referring to their 2014 Financial System Inquiry run by David Murray AO. An Inquiry that found NOTHING I can recall. Compared to the Kenneth Hayne Banks Royal Commission that is uncovering sensational, appalling, disgusting mismanagement & maladministration hour by hour as it sits. Hands up those who remember ANYTHING from the 2014 FSI? Of course that was run by the ex long time boss of the Commonwealth Bank. I think the Banks RC must be extended a year to do its work adequately, there are such big issues so far untouched.
What a pack of thieves. Just hope they are really not too big to fail.
Over 15 years ago I was discussing likely retirement savings methods with my accountant. He recommended superannuation as the most effective investment, despite the obvious likelihood (certainty) of continual Govt interference and rule changes. In the main, I think he was right.
But I did point out the flaw. Over a working lifetime of, say, 40 years (25-65) with reasonable continuity of employment and no significant malinvestment by the super fund, an average working bloke could easily accumulate over $1m in the account. Across the working populace, this enormous, accumulating honeypot would attract rapacious thieves from both private and government ranks.
And so it came to pass. “Wealth” management, trailing commissions, savings caps, capricious picknchoose tax rates, arbitrary removal of tax threshholds … it’s all there.
As cynical as that may sound, such a honeypot is irresistible to the self-described elite – and predictably so. So my financial adviser/accountant (I made sure I knew where *he* lived) and myself agreed that the only sensible defence was to trust NO ONE.
You have to see this, AMP appoints former CBA boss David Murray as new chairman
www.abc.net.au/news/2018-05-04/amp-appoints-former-cba-boss-david-murray-as-new-chairman/9728510
Why am I thinking, henhouse, fox? Not good enough AMP!!