LOCAL NEWS & VIEWS

The Morrison-Frydenberg coalition - the 51st world dictatorship?

 

The Grapevine revealed on 25 May and 1 June the attempt by the Morrison-Frydenberg coalition to introduce legislation to take control of private superannuation fund investments and Frydenberg’s power trip to make himself Trustee-in-Chief for $3.1 trillion in retirement savings. The Bill went before the Upper House yesterday and failed to pass. Had the Bill in its current form had legs, it would have been a win-win for the Liberal mateship game with dodgy investments apace from the seedy end of town.

Superannuation funds in the hands of Josh Frydenberg would put retirement savings in jeopardy if the Your Future, Your Super legislation in its current form was to pass into law.

3 June 2021

 

AUSTRALIANS expect their Parliament to work together in their interests. They don’t expect a Government to take the approach with its Your Future, Your Super legislation that overrides the expertise of the superannuation companies and hands over power to John Frydenberg - he must has mates in Angola.

 

However, there is a broad consensus across the Parliament, including Labor, that superannuation funds must be held to a better standard in terms of their performance.

 

Amendments by the opponents of the Bill were circulated yesterday that remove the obnoxious elements of the Bill and reflect the Parliament’s will to bring about sensible super reforms. These amendments send a powerful message to super fund members that their money would be in the best possible hands. Yet, instead of embracing the best possible outcome for superannuates, the Government is putting politics above practical solutions by persisting with its plans to give the Treasurer control over private sector investments.

 

In a true dictatorial approach the Morrison-Frydenberg coalition chose to pick a fight with the entire crossbench, including Bob Katter and Craig Kelly, rather than delivering positive outcomes for working families.

 

Any Liberal who now votes for the Bill in its current form must explain how powers that give politicians the final say over private sector investment decisions are consistent with their basic values.

 

They must explain which investments they expect the Treasurer to cancel, not just today but for future Governments.

 

And they must explain how making Josh Frydenberg, and his trillion-dollar record on debt, the trustee-in-chief of Australia’s super funds is going to make members better off in retirement.

 

As we previously said, Josh Frydenberg has left the reservation, but now close on his heals is Scott Morrison.

Grapevine News Online

Central Coast NSW

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