You know there’s a stoush looming on the future of superannuation in Australia when former Prime Minister and Treasurer, Paul Keating weighs in and calls a spade a bleeding shovel.
And Rollover reckons PJK did not miss much in his analysis of why the Morrison Government is likely to try to cap the superannuation guarantee at 10% and how it got there, not least the role of former Mercer staffer, turned Productivity Commission deputy chair and now Australian Securities and Investments Commission deputy chair, Karen Chester.
According to Keating, Chester operated well beyond her brief when, in her role at the PC, she recommended the review of the retirement incomes system which has been so readily embraced by current Federal Treasurer, Josh Frydenberg.
In the words of Keating, Chester’s recommended review will “no doubt be the cat’s paw the government will employ to tear away at the economic security Australians were coming to rely upon as they approach or enjoy their retirement”.
It is of course at least another 35 months before the next Federal Election but Keating’s analysis gave Rollover pause to consider how quickly a Labor Government might look to reverse the predicted efforts of the Coalition and, indeed, the longevity of senior regulatory appointments when the political seasons change.
But then, of course, Australia is deeply in drought.