Do you recall the early 80s when the Hawke Govt started this whole business rolling? I was an insurance rep at the time and the word was that given the average growth rate in wages, savings, GDP and population that the nation would be unable to sustain the aged pension and urged all Aus to invest in superannuation.
Eventually Keating kicked the mandatory superannuation off and calculated that savings at 12% over a workers' 40 yr span should provide sufficient capital to provide an annuity to match 75% of the working average pay per fortnight. The interest rate he used was, I think, 5% - a conservative estimate given the sky high interest rates at the time. (I recall earning good $$$s on a cash management trust fund at 12.5% in the mid 80s).
Howard followed up to ensure that industry funds were protected from being used by unions to fund activism. But Howard allowed the corporate managed funds a freer rein and allowed them to make profits for the shareholders. This established the rorting of superannuation payments by companies.
Logco, as much as I respect your opinion, you've got the propaganda about the industry funds firmly fixed by the sound of it.
