Letters: ANZ wisdom and super complaints

Readers comment on their dissatisfaction with the Government, while one believes the older generation is not being heard.

A political party for the over 60s

After reading Cheryl Veitch's letter on superannuation (Letters of the week, February 13), it came to me that we are all dissatisfied with the current Government and the opposition on many fronts, with super being just one.

I read recently that the number of voters aged 60-plus is greater than those below the age of 60 and that the older generation could therefore have its own party in Parliament.

This might seem a bit drastic, but with all the associations, clubs and organizations – including Eureka Report – that older people belong to, perhaps it would not be so difficult to have a direct hand in putting a stop to the stupidity seen in politics these days.

It seems to me that in general the older generation is not being heard, while younger voters needs to be made aware that they should be planning for their future before it is too late.

Greg Devlin

No reprieve for self-funded retirees

Like Bruce Brammall, I thought Julia Gillard's statement to the House that the Government would not tax super pensions provided a reprieve for self-funded retirees (Inside Labor’s Super Wealth Tax Plans, February 6).

Recent talk of an intention to apply a wealth tax on earnings of superannuation funds above a certain threshold seems to contradict this idea. The fact is, these funds have been built with after tax earnings and the government should not be double dipping to get more taxes.

I'm sure the bulk of Eureka Report members and Business Spectator readers are concerned with the Labor Government’s careless attitude towards self-funded retirees, particularly SMSF owners. This places Eureka Report in a powerful position to galvanise support against any further fiddling with super.

I envisage Eureka Report co-ordinating an "I'm as mad as hell and I'm not going to take it anymore" petition from your members and others to be submitted to Julia Gillard and Wayne Swan before the May budget. This could then be supported by articles in the publication highlighting the fact that Labor is prepared to mortgage the future in order to fund its pet projects.

I would also like to suggest that you start an "I'm as mad as hell and I'm not going to take it anymore" column in Eureka Report for members to express their concerns on super tax. I would be happy to assist with such a campaign in any way I can.

Name withheld

Investing in 3D printing

Does Eureka Report have a view on the current rush of enthusiasm for 3D printing and the belief that its use is expected to explode in volume?  Do you know if there is any way to invest in this technology in Australia?

Name withheld

Questioning ANZ investor wisdom

Given Australia and New Zealand’s latest result, perhaps retail and institutional shareholders will now question the wisdom of paying the chief executive the outrageous amount of over $17 million this past year to deliver, in banking circles, such a mediocre result.

The foray into Asia was always a potentially risky business and was the basis for treating Mike Smith with such reverence. If it proves an illusion will he pay back the investment we as shareholders have paid him or will he simply be given an impressive golden handshake? The cost-cutting formula for improving future results should start at the top!

Leigh Kealton

Growth or income

In Bruce Brammall’s article, (Growth or income? It’s a taxing issue, February 13), it doesn’t mention if the income stocks were adjusted from franking? Could you please clarify this?


Bruce Brammall’s response: Thanks for the query. I can confirm that for the purpose of the example given in the article, it assumed the grossing up of franking credits over the time period.

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