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Re(5): DFRDB

ADFRA UPDATE Please go on line for the full report.

DFRDB UPDATE – August 2018

Screwed by Senior Public Servants and Politicians
The terms of reference for the royal commission into banks, superannuation funds and other parts of the finance industry were carefully crafted so that the royal commission would have no mandate to look at the biggest scandal of all; the unfunded public service defined benefits for senior public servants and politicians who joined the public service or were elected to the Parliament before June 30, 2005. According to business columnist Robert Gottliebsen, senior public servants have lined their pockets, creating a huge funding shortfall that endangers the money being committed to people with disabilities, health, education, defence and other “worthwhile” causes, including future tax reduction. Unless Australia is very prosperous in the decades ahead the current pledges for future benefits to ordinary people are in grave danger because Australia’s senior public servants have engineered massive benefits that are not funded and will need to be paid from future Government revenues. These senior public servants and politicians include the same people who engineered massive retrospective reductions in the superannuation entitlements of ordinary Australians including Defence Force retirees.
Herb & Jim

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