Mr Costello said the extent to which Australians’ retirement savings had been hitched for the whims with the inventory market was something which even he couldn’t have envisaged.
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“I don’t Assume anyone in The federal government, which include myself, realises the extent to which Australia’s retirement pool could be hitched to the trip of the inventory industry.”
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An approximated $ten million has actually been set aside see this website in the College's 2016 accounts to repay superannuation entitlements owed, any interest owing and probable penalties issued from the Australian Taxation Office.
"There click for source would be big economies of scale. It would close the battle between the funds that have been struggling to entice the money voluntarily," he told the viewers of fund administrators.
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