Super funds post their worst returns on record
Monday, July 27, 2009/
How dare they! The super industry says what a great job they’ve done by only dumping 25% of our money down the drain. There must be a 1,000 villages out there without an idiot because they’re all here and working in the finance sector.
A 10 year old can ride the index and make/lose money. At least the apology you get afterwards would be contrite and they know they’d have done their allowance for a while. The super sector says: “trust us” and keep pouring the money in please.
We trust the super industry to “manage” our funds. That means, use some foresight, recognise a bubble, take a profit and bank it. All of those things that professionals do but the “professionals” in the finance sector didn’t do because of their hubris and greed. Would you go back to a doctor who thought that lump on your MRI was just a smudge but turned out to be TB?
Yes, we’re all culpable because we are a part of the system, but not as much as you’d think. We’re all forced by legislation to put our money into super so it’s not like we’ve any free choice, and not all that much even in a SMSF.
Every government since Keating has made a point of forcing us to put even more into super to get themselves off-the-hook on future pensions. I’ll bet those people who took a mortgage on their house to dump into super wouldn’t mind meeting Howard/Costello in a dark alley sometime.
If the unprofessional conduct and appalling hubris of the super funds doesn’t result in a lot of people cutting back on their contributions then the legislative uncertainty around retirement age should be.
Fool us once… etc.
Does anyone out there sell mattresses?
PS. My 10 year old’s bank balance did increase by 5% for each of the past two years and all he did was go to school and play Playstation.