Given Peter Costello and his team are doing so well, whatever they see fit to invest in would suit me just fine. I do note that they are moving heavy to cash at the moment....mmmmm
$500b? Well some hypotheticals perhaps.... $100b into Apple and gain some control, to ensure profits remain and are taxed in Australia would be good... Buy Tesla? I have no idea really with amounts so large, my point is that the FF returns are well above the borrowing costs at the moment.
Given Peter Costello and his team are doing so well, whatever they see fit to invest in would suit me just fine.
When you are a government investment fund, you can front-run any regulatory changes or fiscal policy. It's not exactly arms length. The idea is really quite Banana Republic at best, Communist at worst.
Public Servants on defined contribution should choose a private superannuation fund like everyone else.
Quote:
I do note that they are moving heavy to cash at the moment....mmmmm
They are front running the coming recession which they know about because they have access to better information about the economy than the private sector. It's disgusting really, but if it means I don't have to pay higher taxes in future, then I am all for it.
“Talk sense to a fool and he calls you foolish.” - Euripides
When you are a government investment fund, you can front-run any regulatory changes or fiscal policy. It's not exactly arms length. The idea is really quite Banana Republic at best, Communist at worst.
Public Servants on defined contribution should choose a private superannuation fund like everyone else.
They are front running the coming recession which they know about because they have access to better information about the economy than the private sector. It's disgusting really, but if it means I don't have to pay higher taxes in future, then I am all for it.
Agree, not arms length enough ready and also agree that PS should have been able at the very least to decide on the risk value of 'their' Super. It would have added a huge amount of admin I suppose on the downside of individual directions.
"Future Fund chair Peter Costello said "prudent, patient investing" has been the key to navigating markets since the fund was created in 2006. "Enormous stimulatory policy measures pursued by central banks in recent years have helped to drive strong rises in asset prices and the portfolio has been structured and actively managed to capture these gains," Mr Costello said. "However, stimulatory policy settings cannot be sustained indefinitely and it seems likely that generally returns in the future will be lower than in recent years.""
So Pauk's pseudo-quote is what passes for "paraphrasing" now, is it?
The "never" in Peter's *actual* quote is OTT in this context, but "usually" is quite correct, for OECD (and Australian) governments in the postwar era. So one can take the overall sentence either way, and I do think that Peter was guilty of being imprecise, as the sentence is contradictory in its two parts.
But I rather doubt Peter was actually unaware/mistaken about the nature of the Future Fund mandate. And Pauk has failed to come up with an actual statement of Peter's that demonstrates that he was.
Sorry. After years on this site, the bulls are blurring into one entity. Probably had something to do with the profusion of bull socks that run wild across the pages of AFP!
I confused what Stinky said "At the moment, sticking to the story of using the future fund for future liabilities means it stays where it is. And that suits everyone very well." With Peter.
Sorry Peter!
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
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