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The Ageing Public Servants
Topic Started: 19 Sep 2015, 11:43 AM (4,416 Views)
ThePauk
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zaph
20 Sep 2015, 04:23 PM
'noted' - you say that a lot, and it just makes you look like a wanker.
Noted. :-)
Edited by ThePauk, 20 Sep 2015, 04:32 PM.
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peter fraser
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ThePauk
20 Sep 2015, 02:49 PM
So enlighten us, why was the Future Fund setup?
Please provide links and references for your 'theories' so you do not look too much like a raving lunatic.

Once again, I sleep just fine. I do not have to link my income to the ponzi housing system.
The future fund had to be set up because the government of the day had already paid off all it's debts and they had surplus money, so they either had to spend it on a project, or put it aside.

Actually it probably should be spent right now to stimulate the economy, but it's now achieved sacred cow status and the misguided souls won't let any government touch it, they think it is better left in the bank.
Edited by peter fraser, 20 Sep 2015, 04:41 PM.
Any expressed market opinion is my own and is not to be taken as financial advice
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ThePauk
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peter fraser
20 Sep 2015, 04:39 PM
The future fund had to be set up because the government of the day had already paid off all it's debts and they had surplus money, so they either had to spend it on a project, or put it aside.

Actually it probably should be spent right now to stimulate the economy, but it's now achieved sacred cow status and the misguided souls won't let any government touch it, they think it is better left in the bank.
So no links, nothing, just your educated mortgage broker view on it? Noted...

"The Australian Government Future Fund is an independently managed sovereign wealth fund into which the Australian Government deposits funds to meet the government's future liabilities for the payment of superannuation to retired civil servants of the Australian Public Service. The fund's investment decisions are made at arm's length from the executive.[citation needed]
The stated aim of the fund is to hold A$140 billion by 2020;[1] which would fund A$7 billion in superannuation payments each year from the federal budget. Withdrawals from the fund to pay superannuation benefits can only take place once the superannuation liability has been fully offset or 1 July 2020, whichever is the earlier.[2]"
https://en.wikipedia.org/wiki/Australian_Government_Future_Fund

"Future Fund
The Future Fund was established by the Future Fund Act 2006. The object of the fund is to strengthen the Australian Government's long term financial position by making provision for unfunded Commonwealth superannuation liabilities. These liabilities will become payable at a time when an ageing population is likely to place significant pressure on the Australian Government's finances. The Future Fund has received contributions from a combination of budget surpluses, proceeds from the sale of the government's holding of Telstra and the transfer of remaining Telstra shares. The Future Fund Board of Guardians is responsible for deciding how to invest the assets of the Fund.
Legislation stipulates that money may not be withdrawn from the Future Fund until 2020 except for the purpose of meeting operating costs or unless the Future Fund's balance exceeds the target asset level as defined by the Future Fund Act."
http://www.futurefund.gov.au/about_the_future_fund/outline?SQ_DESIGN_NAME=print

You are a dipshit Peter.... You would spend the Fund now and make the people into the future pay for the escalating costs of the PS Supers etc.... I bet you loved John Howard....
Edited by ThePauk, 20 Sep 2015, 04:57 PM.
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peter fraser
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ThePauk
20 Sep 2015, 04:53 PM
So no links, nothing, just your educated mortgage broker view on it? Noted...
Nothing to do with my profession, I thought that this was common knowledge.

You did know that the Howard government had no net debt didn't you? They had to put the excess money somewhere. They called that somewhere the "Future Find"

You do know that governments never fund future superannuation liabilities for the public service, in fact all superannuation funds work that way. They payout with the funds they have collected, and future payouts will be funded by funds deposited between now and then. That's why they employ actuaries to work out what they can pay out now and what will be collected over time vs what they will be paying out in the future. It's a balancing act, but it's always been that way.
Edited by peter fraser, 20 Sep 2015, 06:26 PM.
Any expressed market opinion is my own and is not to be taken as financial advice
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The Whole Truth
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Trollie
19 Sep 2015, 04:04 PM


Unemployment rate decreased 0.1 pts to 6.2%.

http://www.abs.gov.au/AUSSTATS/abs@.nsf/mf/6202.0
Only because you and 20, 000 other dole bludgers moved in with your elderly mothers and shifted to carer payments. Does it give you a thrill washing the shit stains out of the old dear's pantaloons timmy?
ThePauk
20 Sep 2015, 04:53 PM
So no links, nothing, just your educated mortgage broker view on it?
One mortgage broker I know can tell you the cheapest price on beer within a 10 km radius, credit where credits due
Edited by The Whole Truth, 20 Sep 2015, 06:59 PM.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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Ex BP Golly
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peter fraser
20 Sep 2015, 06:25 PM
Nothing to do with my profession, I thought that this was common knowledge.

You did know that the Howard government had no net debt didn't you? They had to put the excess money somewhere. They called that somewhere the "Future Find"

You do know that governments never fund future superannuation liabilities for the public service, in fact all superannuation funds work that way. They payout with the funds they have collected, and future payouts will be funded by funds deposited between now and then. That's why they employ actuaries to work out what they can pay out now and what will be collected over time vs what they will be paying out in the future. It's a balancing act, but it's always been that way.
Geez, you mean all those fools topping up their super......Are fools?

Shit!
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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stinkbug
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peter fraser
20 Sep 2015, 06:25 PM
Nothing to do with my profession, I thought that this was common knowledge.

You did know that the Howard government had no net debt didn't you? They had to put the excess money somewhere. They called that somewhere the "Future Find"

You do know that governments never fund future superannuation liabilities for the public service, in fact all superannuation funds work that way. They payout with the funds they have collected, and future payouts will be funded by funds deposited between now and then. That's why they employ actuaries to work out what they can pay out now and what will be collected over time vs what they will be paying out in the future. It's a balancing act, but it's always been that way.
It's hardly worth it mate. If it isn't reported in popular media and doesn't fit the narrative it doesn't exist...

FWIW, you are absolutely right with this.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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herbie
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Unfunded liabilities? I thought The Grattan Institute was just going to make them reverse mortgage their homes to pay their own pensions? (Plus those of everyone else who doesn't own a home of course.)

Or is that only how it's going to work for those who AREN'T public servants? :D

But anyway, seriously, if serious shit actually did happen, I'd not like to relying on any guv promise to fund a pension - My punt would have to be that it can pretty much just be expected to go the way of all guv promises when they cease to be both convenient and expedient.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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ThePauk
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peter fraser
20 Sep 2015, 06:25 PM
Nothing to do with my profession, I thought that this was common knowledge.

You did know that the Howard government had no net debt didn't you? They had to put the excess money somewhere. They called that somewhere the "Future Find"

You do know that governments never fund future superannuation liabilities for the public service, in fact all superannuation funds work that way. They payout with the funds they have collected, and future payouts will be funded by funds deposited between now and then. That's why they employ actuaries to work out what they can pay out now and what will be collected over time vs what they will be paying out in the future. It's a balancing act, but it's always been that way.
I am amazed at your complete denial of the actual facts, yet somehow not surprised.
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Ex BP Golly
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peter fraser
20 Sep 2015, 06:25 PM
Nothing to do with my profession, I thought that this was common knowledge.

You did know that the Howard government had no net debt didn't you? They had to put the excess money somewhere. They called that somewhere the "Future Find"

You do know that governments never fund future superannuation liabilities for the public service, in fact all superannuation funds work that way. They payout with the funds they have collected, and future payouts will be funded by funds deposited between now and then. That's why they employ actuaries to work out what they can pay out now and what will be collected over time vs what they will be paying out in the future. It's a balancing act, but it's always been that way.
NSW Budget Papers used to call them "uncosted liabilities" and everyone from Lib/lab to the green/dems politely ignored them in all the muck called "Budget Estimates Hearings".

The criminality is astounding.....
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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