Friday, July 11, 2008

Outrageous Superannuation Grab!

I just read about this in the Australian Financial Review today. The government plans to grab the superannuation contributions of temporary residents and only let them have it back if they become permanent residents or leave the country. In the meantime the contributions will earn no interest! At least they could pay interest! The superannuation industry is saying that it might be unconstitutional. It hasn't been implemented yet, but Nick Sherry, the minister responsible, says they are going to go ahead with it. Snork Maiden will likely be a temporary resident for another two years at least before she gets permanent residence. This would be extremely annoying. Hopefully, Snork Maiden's employer will not notice this... or the super industry and universities will sue the government.


I sent an e-mail to my member of parliament (a Labor member) about this issue.

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