Super-schmoopa
The coming wave of Super and Tax debate… When will the country notice?
Josh Gans comments…..
I have thought for some time that the real crisis in consumer confidence would come when Australians received the 6 monthly superannuation account statements. I got mine in December and much to my surprise it appeared to have lost only a little more than I had put into over some relevant period; Costello tax breaks and all. Of course, finding out what the relevant period would have required reading the accompanying report and so I didn’t know if this was pre- or post-October. So the truly bad news may be another 6 months off for me. Frankly, not having much of a choice in the matter, I don’t really want to know.
Chris Joye today surveys what has happened in Australian super. It really isn’t pretty as you would have been better off putting your savings under the bed for the last three years — something, by the way, you are not allowed to do under our superannuation laws. It pretty much confirms what I have always thought. We are following a diversified strategy whereby we spread our investments over a whole range of assets depreciating in value. Phew, I wouldn’t like to think I was missing out on opportunities.
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