And this is why people accuse labor of being fucking terrible at managing the economy, knee jerk to knee jerk. This won’t happen, but the fact there’s an article about it and they didn’t think that through blows my mind.
“We’re going to increase taxes on superfunds with over $3m but not for powerful and wealthy people who find it’s just not cricket!”
It’s good for thee but not for me…
Robbing bastards…
Wealthion puts out some great content, this was really interesting and well worth a listen, clearly a lifetime of experience.
The conclusion being a gold backed currency is forgivable, everything else seems plausible.
Buy #bitcoin and self custody!
It’s completely inaccurate, they aren’t recouping a cent, their stealing more through tax, they never had it in the first place.
They also dramatically underestimate HNW individuals determination to minimise their tax bill.
Spend it before you’ve got it!
https://amp-abc-net-au.cdn.ampproject.org/v/s/amp.abc.net.au/article/102038526
Government urged to use superannuation tax concession changes to expand Paid Parental Leave scheme - ABC News https://www.abc.net.au/news/2023-03-01/crossbenchers-government-tax-paid-parental-leave-superannuation/102038526
Early days, all the traditional super industry in Oz are nowhere near doing anything.
The self managed super mechanism enables it but there is very little guidance or advice for it. That’s a gap that needs filling.
Spend it before you’ve got it!
https://amp-abc-net-au.cdn.ampproject.org/v/s/amp.abc.net.au/article/102038526
Misses the most dubious component of their outperformance compared to other regions, the outsized allocation to alternative investments that don’t have to be revalued regularly and are therefore used to understate negative returns.
Also the whole incentive structure that punishes under performance against peers means they will do everything they can to mask poor returns!
Buy #bitcoin and self custody!
https://smallcaps.com.au/australian-super-funds-controversial-but-global-success/
Bitcoin is up 50% this year give or take. They can’t wrap their head around it.
They can’t get over themselves, they can’t unlearn an entire careers worth of thinking they’re geniuses in a 40yr bond trend or loose money environment.
They are dinosaurs and are heading the same way. Bitcoin is going to absolutely annihilate them.
Am in the agenda 😊
I’ll be presenting an up to date version of this at http://bitcoinalive.io
https://docs.google.com/presentation/d/1ywLAsT1wQjyx_BT1Azh8zItfl4Pi6Yyoqagtjmw_e7w/edit
Your contributions and fees have paid for that tan 🤮
Thanks mate appreciate it! Just don’t want to rush back into the same old shit when it doesn’t bounce me out of bed in the morning, balanced against having a bed to bounce out of!
Would love to say I’m surprised but clearly they all suck, the whole super industry is staffed with lazy morons.
So glad I’m 100% self custody Bitcoin, I’ll never go back to a managed fund.
When I asked a similar question to Australian Super back in August 2020, I’d be gob smaked if the response you get is very different or more informed, including if they differentiate between shitcoins and #bitcoin:
"We don’t have any plans to invest direct in crypto-currencies at this time or have a stand-alone cryptocurrency investment option.
In our view, crypto-currencies carry significant risks and have little to no regulation. There’s also the risk they may be used by organised crime and terrorist groups, and have the potential to be classified as illegal by governments, and rendered worthless to investors.
At this stage, we believe these assets are too speculative in nature and almost impossible to accurately value. Therefore, as fiduciaries for members’ retirement savings, we don’t believe they’re currently a prudent investment that fit within our commitment to help members achieve their best retirement outcomes.
Sincerely
AustralianSuper”
Did you get an answer or meeting hasn’t happened yet?
