What happened to the pension fund?


In 1910 a land tax was introduced to collect money for all Australians to be able to access money to be able to live a comfortable life after they finished working at the age of 65 ,( A PENSION ). That pension was to be 50 % of the male basic wage , In 1915 personal tax was introduced , a proportion of that tax I believe 6.9% was also to go to the pension fund to insure that their was enough money in the fund to pay for the retirement of ALL pensioners regardless of their wealth . There was also a undistributed company profit ( dividend ) introduced to pay for the war effort .In 1916 there was an entertainment tax also introduced to pay for the costs of the them 1914 – 1918 war along with a half penny tax on postage stamps to go towards the war effort .

This happened again in 1941 but the taxes were never taken off after either war but the entertainment tax was abolished in 1953.

In all of those years the taxes collected for the purpose of providing a pension for retirees was a self perpetuating fund until I believe it was the Labor party raided the pension money and put it into consolidated revenue they a few years later the rate of payment was reduced from 50 % of the male basic wage to 25 %.

Now Jolly Joe Hockey is saying that there will not be enough money in the funds to pay pensioners of the future let alone current pensioners. This is your money , you paid for it with your taxes , you earnt a comfortable retirement regardless of how many assets you have, you earned those assets. How many politicians are going to go without when they retire sucking your money out of the country , money that at best is a very large over-payment for their limited services and knowledge?

Peter Schuback

Hervey Bay, Qld


About Editor, cairnsnews

One of the few patriots left who understand the system and how it has been totally subverted under every citizen's nose. If we can help to turn it around we will otherwise our children will have nothing. Our investigations show there is no 'government' of the people for the people of Australia. The removal of the Crown from Australian Parliaments, followed by the incorporation of Parliaments aided by the Australia Act 1987 has left us with corporate government with policies not laws, that apply only to members of political parties and the public service. There is no law, other than the Common Law. This fact will be borne out in the near future as numerous legal challenges in place now, come to a head this year.

Posted on April 1, 2015, in General. Bookmark the permalink. 1 Comment.

  1. And those fiddling little FAT arsed, fiddlers continue to FIDDLE WHILST AUSTRALIA BURNS TO THE GROUND, WHILST WHO KNOWS IS ALLOWED TO ENTER WITHOUT ANY INTEREST IN ITS OWN’s future at all ! Mozlems, and all…

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