Australia's Superannuation Development

Attorney-General George Brandis’ extended self-defence of his role in the Bell group legislation scandal yesterday doesn’t get us particularly far in clarifying questions about the Western Australian government’s attempt to dud taxpayers, and the government’s role in encouraging them. Two major public interest questions remain, along with a serious political question.

Ever since the celebrated House of Lords’ ruling against the company in July 2000, life appeared awfully inequitable to policyholders of Equitable Life Assurance Company. Equitable Life, the staple of Britain’s pension industry, with over a million policyholders, including a plethora of the biggest British companies, the parliamentary pension fund, the Personal Investment Authority, had no choice left but to announce that it was up for sale. To be able to cover the liability worth about £1.5 billion, it froze the value of all current with-profit policies and imposed an exit penalty of 5% on withdrawals. Fifteen prospective

ACOSS has since a long time ago contended for charge change of private trusts to handle their utilization for imposing tax avoidance and evasion. With moves to change excessively liberal tax reductions in superannuation and lodging long late and welcome, the time has come to likewise handle private trusts. (Acoss.org.au, 2017)

The Commonwealth of Australia is both a representative democracy and a constitutional monarchy with Queen Elizabeth II as Australia 's head of state. (How government works, 2016). Since the 1990s globalization has gained widespread currency in Australia on a social, economic, political and cultural level. (Holmes, 2012, p. 340) Laws and politics have an influence on Australia’s economic system, which is capitalism and socialism. (Political Economy, n.d.) Analysis of political and economic approaches by government can add insight into the flow on effects on a community and its individual.

The piece Advance Australia … within reason, was conveyed on the 5th of January by Amy Mackintosh, at the annual “University of Students for Youth Political Activism’ meeting held at The University of Melbourne. Mackintosh steadily argues the reasons why Australia should not have become a republic, and how the country should stay as a monarchy. The tone of the speech is very colloquial and even sarcastic, with the middle part being more analytical and serious. The speaker gives the impression that the argument for Australia to stay as a Monarchy is unbiased and logical.

What began as a thoroughly independent and autonomous set of state governments has evolved with a much greater emphasis placed on the Federal power. However, this distinction of power is not outlined in a transparent and efficient way in the Constitution, and throughout the timeline of Australian politics, it has not been uncommon to see contests between the two governments on matters of roles and responsibilities. In times of conflict, section 71 of the Constitution outlines that the High Court can rule an overriding decision on these disagreements, which has strengthened the law making powers of federal parliament. This means that although the federal government has the power to override the state, the High court can still make a judgement that would overrule both federal and state powers. Since the federal government is responsible in the funding of various services it is fair to say that they have more power. The federal parliament can 'grant financial assistance to any state on such terms and conditions as it thinks fit' (Constitution, S96). This means the federal government can offer help to the state government, when needed, in order to help with decision making. If this is the case and the federal parliament does help the state, then this shows how the federal parliament influences the way in which those laws made under state powers are

One benefit of government intervention in Australia is the more efficient allocation of resources in the market. Australia’s current policy for this reallocation of resources is to take money from select industries using taxes and

In more recent times, Australia has seen two major waves of financial reform. The first wave, in the1970s and 1980s, involved a major deregulation exercise which transformed

A great deal of these problems are structural: that Australia is over-governed; that the roles and responsibilities of Commonwealth and State governments are not clearly delineated and that the 19th Century constitutional division of powers is not capable of meeting the challenges presented by increasing globalisation, international economic competition and rapid advances in technology and communication. From a different perspective the problem lies in the manner of federalism’s practical operation in the failure of existing intergovernmental institutions to facilitate effective cooperation between governments such that in some areas there is too much centralisation and in other areas not enough; in unnecessary overlapping, duplicative and inconsistent regulation in a federation characterised by rancour, disagreement, blame shifting and a lack of accountability and finally a significant vertical fiscal imbalance and an increased centralisation of

The introduction of superannuation funds is to provide retirement and death benefits to its members as the increase in Australia’s ageing population has become problematic. By encouraging individuals to save more throughout their working life and to place those funds their retirement, the aim is to ensure a lesser proportion of public funds are directed towards pensions and enhance the living standards of retired Australians” (ALRC, 2013). The fund is set up as an indefinitely continuing fund. Superannuation funds are managed by a trustee and are regulated by APRA and ASIC. To be eligible to receive a serviceable tax treatment, a Superfund must be accommodating with the Superannuation Industry

Strategizing’s your superannuation to encourage the most efficient and effective way to boost income is of vital importance. By adjusting your current superannuation situation, it could increase the income you have later in life when you need it.

essay the author claimed it is unfair for hardworking Australians who contribute the most to receive the least in benefits. Instead a system designed to help people in need should be expunged with the burden to be transferred to their families. Throughout the essay, it was clearly one-sided with no good moral principles outlined. The prevalence of arguments rejecting welfare based on the small percentage of ‘dole bludgers,’ who mis-use the system is invalid. Based on these false pretences, the normative conclusion was that the welfare system should be abolished. The purpose of this reflection is to review the ethical dimensions explicitly and implicitly contained in the essay to determine if this a moral judgement or one merely made from a bias point of view. Furthermore, if any other ethical principles applied to the case and if this could of provided a stronger basis for the abolition of welfare. If there is a moral principle it would be an appeal to fairness, that is the right thing to do is what allows people to keep their own hard earned money.

Australia’s government is a federal system that contains different ‘levels’ consisted of Federal, State and Local government that work together to govern the nation (Andrewrobb, 2015). The system is very difficult to understand, thus gathering low attention by the public. For those who are observes how the government works can attain a sense of understanding how the system affects the lives of many people in the nation. Throughout the Abbott government period, it had proposed several plans that would not only provide benefits to the people of Australia, but also the nation itself. Although, the Abbott government came to an abrupt end after a near two-year term, it has achieved several achievements throughout its duration. However, the criticisms

The concept of superannuation was introduced through the Superannuation Guarantee (SG) with the idea of managing, accumulating and growing assets of members so that once retirement arrives they can enjoy a higher standard of living without concern for a shortage of income when retirement occurs, they arrive in the form of pension, lump sums or both. It is further explained by Dawkins (1992) that our current retirement income system was weak and that there was a need to strengthen Australia’s national saving performance. He stated “Greater domestic saving will relax the current account constraint on Australia’s economic performance. It will mean that we can grow faster without relying so heavily on foreign saving and building up an

Neo-liberalism has had the greatest impact on public policy in New Zealand over the past 20 years. An example of this ideology in policy making in New Zealand history would be The National party in the 1990’s. National significantly reduced the state’s role in the labour market, and introduced markets in public housing and education. A more recent example is the current National government and their benefits policy. In 2008 National focussed on getting beneficiaries into employment. National’s leader John Key announced that they were committing to a benefit policy that would act as a safety net, but encourage beneficiaries to go out and source other forms of income (Key, 2008). This is a neo-liberal idea in the sense of having minimal state intervention. The plan to put in place a tax system that encourages people to work hard and not rely on the welfare state, and the continuing of shrinking the size of government sees that the future intentions of the current National party is going to carry on down a neo-liberal road (Key, 2008).