Another rort being found as unsustainable. So UNISuper has 450,000 members. What the heck are or have most of these duds been doing over the years? They need to scale back this mammoth industry which has become a source of social engineering and mis-education over the last 30 years.
For the most part the education industry is not there to educate anyone. It is there to cannibalise society and sells ratty education to the masses and to overseas people who want entry to Australia. And students are left with large bills that take years to repay.
Even that bastion of privilege, the Commonwealth Public Service, scaled down its defined superannuation benefits (around 1991) and about 14 years later went from a defined benefits scheme to a contribution system. I think many state govts got rid of defined benefits as well. But the privileged education industry has managed to demand that society pay for their retirement in style while they provide something that for the most part does little or no good.
