An article in today's Australian should be a warning to all DIY Superannuation investors.
A scam involving a financial scheme in WA has led to a rescue for Industry and Trade Union Superannuation funds by Bill Shorten, a silvertail, rich, well connected to dynastic capitalism and trade unions, minister in the Labor government.
It specifically excludes DIY Super funds.
What a muppet. He lives with the rich, and panders to the Unions and Superannuation industry, but has no thought for the workers, tradies and others who run DIY super funds.
In a thinly veiled threat to DIY super members, he is quoted as saying.THOUSANDS of superannuation fund members who were defrauded in the Trio Capital scandal will have their money returned in the biggest bailout in the industry's history.
But, in announcing the $55 million rescue, the Gillard government excluded hundreds of do-it-yourself superannuation fund holders in what will be a wake-up call to the more than 800,000 self-managed funds in the country.
Assistant Treasurer Bill Shorten yesterday revealed 285 people who ploughed money into the now defunct Trio Capital via DIY super, along with 405 who invested directly, would have no recourse to the government lifeline.
Compensation will be limited to 5358 contributors to mainstream superannuation funds regulated by the industry watchdog, the Australian Prudential Regulation Authority. They will receive back all of the money that was invested in the Albury-based funds manager, formerly known as Astarra.
This is the beginning of the end for the ALP Government.Mr Shorten said self-managed superannuation fund members had "the benefit of direct control over where their money was invested, while the members of other funds do not".
"If people wish not to operate under those SMSF regulations, they're free to become members of the APRA funds," Mr Shorten said.
Australians prefer a fair go.
This is discrimination and social engineering at it's worst.