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Tuesday, March 29, 2005

Forced Savings, Yet Another Tax!

Outspoken on National Radio just had a program on Are We Saving Enough. They want to introduce a compulsory savings scheme, they just can't quite say it yet, but I bet you it's in the wind.

They read out my email to them (WOOHOO!) but what was conspiciuous was what they didn’t read out.
Encouraging savings sounds great in theory. In practice, while I worked in Australia, I had to participate in a compulsory superanuation scheme to encourage savings. During this time, the super scheme lost half my money. Money which I think I would have been better off putting into my mortgage to offset interest.

I am very disturbed at all the hints in today's paper on savings schemes, and am certain that the think tanks mentioned in the business section are actually vested interests wanting to set up the same captive market here. When you have a captive market, the incentive to perform goes down hill. As it did in Australia, private companies and their shareholders made money, but the poor sucker who had no choice, lost money.

Compulsion to save takes away a person's ability to decide what is best for them and their money.
The bit in bold is what was not read out, which was the whole friggin point of the email!
[Angry thump at the keyboard.]

Their answer to the points they did read out was that many tens of thousands of Australians are very happy with the savings scheme…. The many tens of thousands of Australians regard this as yet another tax. Apathy reins there, in regards to tax.

I lived there for thirteen years. We still travel there a lot, keep in contact with a great number of customers (yes, I have customers). People are just resigned. I'm not talking out of my ass here.

Not quite the introductory post I was aiming for.

Posted by Lucia Maria | 3/29/2005 09:15:00 PM


Blogger Antarctic Lemur said...

Who's outspoken?

3/29/2005 09:26:00 PM  
Blogger Lucyna said...

Some sort of radio program that I've never noticed before now. On National Radio. Shouldn't have turned it on. I was hoping for a quiet evening, the kind where what you don't know won't hurt you, head in the sand type evening.

3/29/2005 09:30:00 PM  
Blogger Lucyna said...

I'm still really mad.

3/29/2005 09:31:00 PM  
Blogger Antarctic Lemur said...

So I guess they're worse than TV3 then. Never really bothered with NR myself, but I have a few intellectually-minded friends who listen.

3/29/2005 09:32:00 PM  
Blogger Lucyna said...

I don't watch TV, it's not even plugged in. Ok, very occasionally. I do like the House MD program on Fridays, when I remember it's on. And then there's the occasional cable movie. But with the radio, I can listen to it and tidy the kitchen at the same time. And then make a coffee. Soy cappucino.

Still mad.

3/29/2005 09:47:00 PM  
Blogger Antarctic Lemur said...

At least you'll get to keep your own account though right? If you die for example, the money will pass on to your relatives? The Gummint can't take it?

3/29/2005 10:22:00 PM  
Blogger Lucyna said...

mmm, not yet, not that I'm aware of. I can't withdraw any of the money now, even though I've left Oz, so I really doubt there will be anything left in my account by the time I've retired.

3/29/2005 10:49:00 PM  

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