And excatly what the LNP/IPA wanted to grab your Super too Our Super is just to temping to our political schemas who would love to waste all that money 💸
Mine isn't, mine is under my control in my SMSF and tucked away in property and gold. You choose to leave your money in a managed fund, so stop moaning about what happens with your money.
YES , BUT FIRST YOU HAVE TO MAKE IT TO 65 ,, afterworking your ass off from age 16 to 65 that will leave you with about 5-7 years to spend all that money that was stolen without even a vote on if we wanted it taken and saved .i don't no about you but im a smoker drinker probly only live to 50 ,so all that money will be stolen by government in taxes when i die .death tax
😂 you people make me laugh.... no one is forcing you to have a managed super fund mate, that is a choice born out of laziness or ignorance. Run a self managed fund and you have complete control over what happens with your money..... You won't though, it's easier to make UA-cam comments.
She has an appalling arrogance in her demeanour. She is paid very well to do her job and importantly that is being a public servant. And yet she comes across as unwilling and weary in much of this hearing and is not respecting us, the taxpayers she serves. Again, appalling!
This is what happens when the office is unchallenged for a long period of time. Officers get soft chairs for longer naps. Obviously, she has one of those French "designer" recliners.
4 words more Australians need to start thinking about. "Self Managed Super Fund" Why would you allow someone else to manage, profit from and risk, your retirement.
Yeah, you're not to tired to actually do anything about it though, you'll still use a managed super fund (or several, like most aussies), rather than a SMSF, because that takes effort.
Wow. Politicized super funds with a cross section of people's funds I am certain that a reasonable percentage of the super owners would not agree to have their funds spent on political propaganda. These boards must be full of faceless people that would never be employed by the super owners. To much government intervention into people's funds. We know how this works NDIS absolute treasure island for the billionaire shortens of the world.
Yet those same people huffing and puffing and stomping their feet, will do nothing at all to actually change the situation. No one is forcing these people to leave their super in the hands of these criminals, take it out, self manage, the more people that do this, the less control these people have over your lives... Too much effort though, it's easier to make UA-cam comments than to actually act!
@@glennr7873 sure Glenn, I do not disagree. However the game of super is rigged. It's relatively expensive for ppl with small accounts to move.. Maybe they should be able to conjointly run up to 20ppl to 100ppl in one self managed to share the cost but there is no easy fix. For ppl earning less than $700.00per week no super should be paid. Above 7 hundred super deducted there after.. But the government is in the pocket of the big funds and will work against allowing fairness or common sense outcomes. I remember when I had staff on casual employment the funds just run of the mill funds not self managed could and did charge a relatively high rate of fees. Yes, no one is forcing these people to stay in the major thieving funds but it's prohibitively expensive to leave.
I'd like to agree, but just on the surface without delving to deeply. For small accounts which I'm sure there are lots. Self managed is not cost effective.
So these are the guidelines to do what is in best interest of super members, but do what you want to do. We cannot enforce them, but there are no rules that should not be stepped over. Ohh we trust you. Just like we trust politicians
They won't, it takes far too much effort filling out a handful of forms and then thinking about your own investments... They can make angry comments on UA-cam instead, it takes way less effort.
These superfunds are a public financial instrument. Make it compulsory for full disclosure of their finances and include details of all monies paid to other investment entities.
self managed super funds in Aust can only spend to directly benefit the funds owners retirement. If smsf spent money on propaganda they would be fined by these people.
No different than buying shares in newscorp or perhaps another loss making media org. Industry super members are seldomly mandated to put their funds there.
Well Done Senator yes I agree there is so much the question about super funds, unions and political party’s. There seems to be a lot of grey areas here massive contributions are going as you pointed out from big big corporations, companies to unions which link up with super and political parties?
My husband had all his super taken so what do es the PM think we ave to live on.I suppose Albo wants it to pay for is wedding no 2. To me I’d throw him out of office he’s hopeless. pay for you yourself.
For a dash of "comedy" , each of the "bureaucrats" should have their annual salary next to their name-card, so we can assess.. "value-for-money" content ?. ;)
Super Members Council - The brand is owned by eight funds - AustralianSuper, Cbus, Hostplus, Hesta, Spirit Super, CareSuper, TWUSuper and First Super - who are now part of the broader council alongside other profit-to-member funds like UniSuper, Aware Super and Australian Retirement Trust.11 Apr 2024
Exactly what has to be looked at to stop radical actions of passive organisations being used to fund radical groups taking advantage of lazy unethical standards.
And they want to take money (up 40%) from Pensioners who are Independent Investors. The Australian Federal Government do not care about their RETIRERS as they are regarded as easy money cows because they are too frightened to go after the BIG EDGE OF TOWN. LIKE ME BY THE TIME I RECEIVE MY PENSION FORTNIGHTLY, MY IS $670.05 FROM THE FORTNIGHTLY AMOUNT OF $1 116.00, A LOSE OF $445.95. IF I HAD CHILDREN WE WOULD HAVE A FAMILY TRUST FUND AND I WOULD STILL HAVE THE FULL TOTAL OF $1,116 A FORTNIGHTLY.
Is this what open accountable government has come to? How disinterested and evasive are these people (especially the sour old lady doing most of the talking)…
It's basically impossible to penetrate all the language and structures and rules and bits of law they use to do what they want. It's like a criminal organisition setting up so many companies that own other companies, which are owned by trusts and on and on, so that regulators can't tell if what they are doing is legal or not.
More performative nonsense! People need to lose their jobs when they’ve demonstrated they’re unfit to do the job they’re supposed to do. Until there’s actual consequences this is all for show! She needs to be unemployed by Friday, otherwise what’s the point? They’re ALL complicit!
Are we continually the victims of the conniving, bungling, inept people that are paid to represent Australia's interests ? I think her batteries need replacing, or is she just a faulty unit that needs replacing ?
Can someone tell me what a supervision-led organisation is? Is it a QUANGO (quasi-autonomous non-government organisation) or a public-private partnership?
Dear burbs 1976 - Ever heard of SERCO? This is from her bio: "Margaret Cole was appointed Deputy Chair of APRA on 31 October 2022, after joining APRA as Executive Board Member on 1 July 2021. She is responsible for the oversight of the superannuation sector, and represents APRA at the International Organisation of Pension Supervisors. Margaret graduated from the University of Cambridge with a degree in law and spent more than 20 years in private legal practice specialising in commercial litigation with an emphasis on financial services. Margaret was formerly a partner at Stephenson Harwood and White & Case. She joined the UK Financial Services Authority (FSA) in 2005 and became Managing Director of Enforcement and Financial Crime and interim Managing Director of the Conduct Business Unit and a board member. Prior to joining APRA, she spent a year as PwC's Global Regulatory Leader based in Melbourne. Before that, she was PwC UK Chief Risk Officer and General Counsel from 2012 to 2020. Margaret has also been an independent non-executive director of Toronto Dominion Bank Europe Limited, Chair of Toronto Dominion Securities Limited and a trustee and executive committee member of the Institute for Fiscal Studies. She is an Honorary Fellow of Murray Edwards College (formerly New Hall), University of Cambridge. She has also been awarded an Honorary Doctorate of Law from the University of Law, London." Source: www.apra.gov.au/apras-executive-and-governance So, no Australian legal qualifications. I thought it was a crime to engage in legal work in Australia without a current practicing certificate, but that must only be for Australian qualified lawyers. No background in criminal investigation in an Australian context. A glorified "regulator" with no qualifications in Australian law or investigations and a FOREIGN NON CITIZEN? So another transnational revolving door installation in our public service by the "Senior Executive Service" which is itself a foreign led United Nations "borderless" NWO/One World Government who asserts itself as competent and "experts" in installing foreign nationals into our taxpayer funded public service. A G A I N. On our tax dime. A G A I N. So is she even an Australian Citizen, because if not she has no allegiance or care about our number one law, so why would she care about our other laws?
Needing quality persons who have a grasp of ethics that dont live in beauraracy for sake of beauraracy. Which in simple terms people with good common sense or experience thats goes with qualifications. We see well-educated people who are oblivious in high positions of power, without the knowledge and experience. A dangerous trend of having learner drivers at he helm.
Usual beaurocratic bs!! Oh poor little grifters having to wait 15 mins for their tax payer funded lunches!! FO!! Tk u senator for holding them to account!!
www.apra.gov.au/apras-executive-and-governance Is she an Australian Citizen in OUR public service ? Seems not. Not an Australian qualification that I can find, and can't seem to find her ever having held a legal practicing certificate to practice law in Australia. . . . but that would be a crime if you were an Australian qualified lawyer. So there's that.
Spending my money on lefty political shit. Get after them Senator.
This woman is an absolute disgrace
excellent work Senator, appreciate your your diligence
Piggies with their snouts in the trough.
Animal Farm?
@@mellowman1020 Yes that is 100% Australia
Our Super is their piggy bank.
And excatly what the LNP/IPA wanted to grab your Super too
Our Super is just to temping to our political schemas who would love to waste all that money 💸
So pull ya Super out stop them, they are not showing any transparency into their corrupt transactions!
of course it is.
Mine isn't, mine is under my control in my SMSF and tucked away in property and gold.
You choose to leave your money in a managed fund, so stop moaning about what happens with your money.
@@glennr7873 OOOW! aren`t you the clever one?
This womans body language sayes it all.
These beaurocrats are passengers on The Albenese gravy train,,,,the taxpayers funds express!!
Mate hopefully I can jump on the NDIS as a worker soon before the gray train stop or de rails, choo choo
Margaret don't give a shit it seems
Terrible body language.....tone.... and displays a real lack of interest.
poor old margaret .its all so tiring for her .
She couldn't give a stuff. She's well aware of the scamming complicit by any other name.
I know right, she looks like she needs an all expenses paid holiday to make all these things to go away...
She’s got very deceitful body language. Also looks like she can’t be arsed.
Round and Round the beaurocrats go there is more spin than a merry go round and more BS than the elephant pen ,,,,💩💩💩🤬🤬
It's Not your Super, It's Ours to do with it What We Like !
YES , BUT FIRST YOU HAVE TO MAKE IT TO 65 ,, afterworking your ass off from age 16 to 65 that will leave you with about 5-7 years to spend all that money that was stolen without even a vote on if we wanted it taken and saved .i don't no about you but im a smoker drinker probly only live to 50 ,so all that money will be stolen by government in taxes when i die .death tax
Sounds like bullshit to me.
Why do these grubs deserve a lunch break 🤬
This HAS TO be illegal . . . surely !!!!!!!!!!!!
The Unions Control about 50% of Australia's Super Funds !
Poor old Margaret looks so tired and sick of having to justify her job.
How about give us OUR money back and we'll decide what's best for it? The industry has become a scam.
😂 you people make me laugh.... no one is forcing you to have a managed super fund mate, that is a choice born out of laziness or ignorance.
Run a self managed fund and you have complete control over what happens with your money..... You won't though, it's easier to make UA-cam comments.
Why the f**k is there the aboriginal flag at every government function?
Same reason their will be a rainbow flag right next to it soon enough... because REEEEEE
It's not even an Aboriginal flag. It's an invented design controlled by copyright. I'm not even sure that's It's an official flag.
Word salad for, we are using your money for our political agenda
Then take your money off them.... Who's forcing you to use a managed fund?
Where is professionalism these days?
Do not allow person B & C to interrupt whilst you are still waiting for an answer from person A.
AUSTRALIA "WILL" TAKE IT ON NOTICE!
She has an appalling arrogance in her demeanour. She is paid very well to do her job and importantly that is being a public servant. And yet she comes across as unwilling and weary in much of this hearing and is not respecting us, the taxpayers she serves. Again, appalling!
“take very seriously”?
Now you know that whatever she says is going to be propaganda
and they wonder why self manage super funds are on the increase….
This is what happens when the office is unchallenged for a long period of time. Officers get soft chairs for longer naps. Obviously, she has one of those French "designer" recliners.
Wow, delaying the lunch break by 15 minutes… what a sacrifice by these people 😀
It’s all so boring for her.
Thankyou for your work Senator.
4 words more Australians need to start thinking about.
"Self Managed Super Fund"
Why would you allow someone else to manage, profit from and risk, your retirement.
Australians are sick and tired of these continued Dorothy Dickers in these senate inquiries and it needs to STOP!
Yeah, you're not to tired to actually do anything about it though, you'll still use a managed super fund (or several, like most aussies), rather than a SMSF, because that takes effort.
So if my hard earned cash goes into building homes , when I retire do I myself get a new house at the of my retirement?
Don't question use we are screwing the Tax payers,
Wow. Politicized super funds with a cross section of people's funds I am certain that a reasonable percentage of the super owners would not agree to have their funds spent on political propaganda.
These boards must be full of faceless people that would never be employed by the super owners. To much government intervention into people's funds. We know how this works NDIS absolute treasure island for the billionaire shortens of the world.
Yet those same people huffing and puffing and stomping their feet, will do nothing at all to actually change the situation.
No one is forcing these people to leave their super in the hands of these criminals, take it out, self manage, the more people that do this, the less control these people have over your lives...
Too much effort though, it's easier to make UA-cam comments than to actually act!
@@glennr7873 sure Glenn, I do not disagree. However the game of super is rigged. It's relatively expensive for ppl with small accounts to move.. Maybe they should be able to conjointly run up to 20ppl to 100ppl in one self managed to share the cost but there is no easy fix. For ppl earning less than $700.00per week no super should be paid. Above 7 hundred super deducted there after.. But the government is in the pocket of the big funds and will work against allowing fairness or common sense outcomes.
I remember when I had staff on casual employment the funds just run of the mill funds not self managed could and did charge a relatively high rate of fees. Yes, no one is forcing these people to stay in the major thieving funds but it's prohibitively expensive to leave.
I'd like to agree, but just on the surface without delving to deeply. For small accounts which I'm sure there are lots. Self managed is not cost effective.
They don’t want you to have any super left when you need it, period!
Yes they said use your super to buy a house!!! That says it all, the government doesn’t care about its people
Supn funds are designed to protect member outcomes NOT a Poitical process
So these are the guidelines to do what is in best interest of super members, but do what you want to do. We cannot enforce them, but there are no rules that should not be stepped over. Ohh we trust you. Just like we trust politicians
Our senior public servants protecting their comrades in the union industry... go figure.
So this is where the excessive fees and charges go, to work against me for there agenda.
Was anyone consulted on investing their Super into Gov propaganda 🤔
government more worried about lunch breaks
Why are these bureaucrats so arrogant
I love it how they are all been structured to circumnavigate the law and these bureaucrats are totally cool with
Journalism is dead. These kind of cases where Australians are paying for their own demise must now be exposed in the senate, our last line of defence.
Withdraw your money, start a self managed fund and control your own money. These people don’t care about you.
They won't, it takes far too much effort filling out a handful of forms and then thinking about your own investments...
They can make angry comments on UA-cam instead, it takes way less effort.
Good work Senator, thank you for your diligence.
That’s why I always throw my super letters in the bin because I know it’s just bs
These superfunds are a public financial instrument. Make it compulsory for full disclosure of their finances and include details of all monies paid to other investment entities.
Abolish super. Abolish pensions for public serpents.
Interjecting for fuckin’ lunch? 😡
Australia's 'merit based' employment in action
self managed super funds in Aust can only spend to directly benefit the funds owners retirement. If smsf spent money on propaganda they would be fined by these people.
No different than buying shares in newscorp or perhaps another loss making media org. Industry super members are seldomly mandated to put their funds there.
@@dirtmcgirt168 Whats going on here is misuse of peoples retirement money
Poor Margaret, her country is down the tube, she is here now to help us out.
Manage your super with a SMSF. Best decision I ever made.
Based on your preamble... let me gaslight, gaslight & gaslight.
And why is an Abbo flag taking centre stage in the senate?
It’s not our flag
Doing great work senator
Well
Done Senator yes I agree there is so much the question about super funds, unions and political party’s. There seems to be a lot of grey areas here massive contributions are going as you pointed out from big big corporations, companies to unions which link up with super and political parties?
When Super was controlled by Big Businesses and Insurance companies they stole most in fees and charges
Vibes here ? - "tired" "bothered" "annoyed" "why do i have to be here- im too important" .. ;)
“loopholes for me , none for thee” - Canberra
My husband had all his super taken so what do es the PM think we ave to live on.I suppose Albo wants it to pay for is wedding no 2. To me I’d throw him out of office he’s hopeless. pay for you yourself.
Can't even stand to watch the rest
I self manage for this exact reason everyone should self mange the cost a relatively low compared to these funds
For a dash of "comedy" , each of the "bureaucrats" should have their annual salary next to their name-card, so we can assess.. "value-for-money" content ?. ;)
Along with their sponsor names emblazoned across them. As an example, China.
"rest assured"... DOESN'T MEAN A HELL OF A LOT............"working very hard" ... DOESN'T MEAN YOU'RE GETTING RESULTS.
Super Members Council - The brand is owned by eight funds - AustralianSuper, Cbus, Hostplus, Hesta, Spirit Super, CareSuper, TWUSuper and First Super - who are now part of the broader council alongside other profit-to-member funds like UniSuper, Aware Super and Australian Retirement Trust.11 Apr 2024
When did they ask any person who has super if they could convert contributors money to their own use. In the wider community that is called theft.
It takes 4 people to not explain anything with clarity!
Exactly what has to be looked at to stop radical actions of passive organisations being used to fund radical groups taking advantage of lazy unethical standards.
Keep your hands of our fuckin super
And they want to take money (up 40%) from Pensioners who are Independent Investors. The Australian Federal Government do not care about their RETIRERS as they are regarded as easy money cows because they are too frightened to go after the BIG EDGE OF TOWN. LIKE ME BY THE TIME I RECEIVE MY PENSION FORTNIGHTLY, MY IS $670.05 FROM THE FORTNIGHTLY AMOUNT OF $1 116.00, A LOSE OF $445.95.
IF I HAD CHILDREN WE WOULD HAVE A FAMILY TRUST FUND AND I WOULD STILL HAVE THE FULL TOTAL OF $1,116 A FORTNIGHTLY.
Is this what open accountable government has come to? How disinterested and evasive are these people (especially the sour old lady doing most of the talking)…
Great work Senator.
Woke must go broke, but not with my dollar.
Bahhhh, bahhhh, bahhhhhhh
It's basically impossible to penetrate all the language and structures and rules and bits of law they use to do what they want. It's like a criminal organisition setting up so many companies that own other companies, which are owned by trusts and on and on, so that regulators can't tell if what they are doing is legal or not.
More performative nonsense! People need to lose their jobs when they’ve demonstrated they’re unfit to do the job they’re supposed to do. Until there’s actual consequences this is all for show! She needs to be unemployed by Friday, otherwise what’s the point? They’re ALL complicit!
Why the hell is anyone even still in an industry fund???
Are we continually the victims of the conniving, bungling, inept people that are paid to represent Australia's interests ?
I think her batteries need replacing, or is she just a faulty unit that needs replacing ?
She looks a joy to be around..
Can someone tell me what a supervision-led organisation is? Is it a QUANGO (quasi-autonomous non-government organisation) or a public-private partnership?
How come whenever I hear someone get questioned they all seem to be from England?
Dear burbs 1976 - Ever heard of SERCO?
This is from her bio:
"Margaret Cole was appointed Deputy Chair of APRA on 31 October 2022, after joining APRA as Executive Board Member on 1 July 2021. She is responsible for the oversight of the superannuation sector, and represents APRA at the International Organisation of Pension Supervisors.
Margaret graduated from the University of Cambridge with a degree in law and spent more than 20 years in private legal practice specialising in commercial litigation with an emphasis on financial services.
Margaret was formerly a partner at Stephenson Harwood and White & Case. She joined the UK Financial Services Authority (FSA) in 2005 and became Managing Director of Enforcement and Financial Crime and interim Managing Director of the Conduct Business Unit and a board member. Prior to joining APRA, she spent a year as PwC's Global Regulatory Leader based in Melbourne. Before that, she was PwC UK Chief Risk Officer and General Counsel from 2012 to 2020.
Margaret has also been an independent non-executive director of Toronto Dominion Bank Europe Limited, Chair of Toronto Dominion Securities Limited and a trustee and executive committee member of the Institute for Fiscal Studies. She is an Honorary Fellow of Murray Edwards College (formerly New Hall), University of Cambridge. She has also been awarded an Honorary Doctorate of Law from the University of Law, London."
Source: www.apra.gov.au/apras-executive-and-governance
So, no Australian legal qualifications. I thought it was a crime to engage in legal work in Australia without a current practicing certificate, but that must only be for Australian qualified lawyers.
No background in criminal investigation in an Australian context. A glorified "regulator" with no qualifications in Australian law or investigations and a FOREIGN NON CITIZEN?
So another transnational revolving door installation in our public service by the "Senior Executive Service" which is itself a foreign led United Nations "borderless" NWO/One World Government who asserts itself as competent and "experts" in installing foreign nationals into our taxpayer funded public service. A G A I N. On our tax dime. A G A I N.
So is she even an Australian Citizen, because if not she has no allegiance or care about our number one law, so why would she care about our other laws?
Why don't these super fund put their names to the interference they are running??
SMSF is the way to go
some nursing home escapees here
Needing quality persons who have a grasp of ethics that dont live in beauraracy for sake of beauraracy. Which in simple terms people with good common sense or experience thats goes with qualifications. We see well-educated people who are oblivious in high positions of power, without the knowledge and experience. A dangerous trend of having learner drivers at he helm.
Labour an union's using
Your super for their own
Purpose !!!!
Yes Super backs up Australia
They they are kidding the investors😂
Usual beaurocratic bs!! Oh poor little grifters having to wait 15 mins for their tax payer funded lunches!! FO!! Tk u senator for holding them to account!!
If you ever wondered where your Super money is going, well here it is and not to you .
THANKU
They will keep the gravy train afloat i believe. At the cost of more inflation
Absolutely no confidence in AHPRA
But Labor want to tell us its our money and that its so important for our retirement and all the other tired bullshit.
I spent 50 year in the industry and she is talking BS;they are supposed to look after members money BY LAW
In other words its all too hard . I can't even deduct cost of electricity or paperwork running our super fund without the auditor getting angry .
Secret slush funds 🤫
Money 4 mates. Stuff members. Taxpayers foot the bill
www.apra.gov.au/apras-executive-and-governance Is she an Australian Citizen in OUR public service ? Seems not. Not an Australian qualification that I can find, and can't seem to find her ever having held a legal practicing certificate to practice law in Australia. . . . but that would be a crime if you were an Australian qualified lawyer. So there's that.
Well Labor was given 20 million by superannuation funds for their election campaign 2 year ago. I bet the fund holders didn't approve the donation
Nobody knows anything apparently.