Good time to check where Super is really is, after the First Guardian Master Fund disaster.
https://www.asic.gov.au/about-asic/news-centre/find-a-media-…
https://www.news.com.au/finance/superannuation/thousands-of-…
Is your Super safe ? after First Guardian Master Fund disaster
zombie hunter on 04/07/2025 - 15:19
Comments
Yeah, he's fattening it up so fast that it's a health hazard
I mean, from what I've seen Labour helps far more in growing your super than Liberal party…
Liberals want to let you take money out for housing lol. Absolutely braindead.
Liberals want to let you take money out for housing lol. Absolutely braindead.
Works well in Singapore…
Singapore HDB are not built for profit and the govt actively aims to cool the market if prices rise too quickly. No Labor or LNP govt will dream of doing this, ever. Australian and Singaporean housing markets are not comparable.
Labour helps far more in growing your super
Yes, working hard usually does…
Labor however want to penalise you for working hard and saving…
They penalise you for purchasing properties, penalise you for accumulating super, penalise you for running a business, penalise you for wanting a better education for your kids… They do whatever they can to take what is yours to give to those who have chosen not to, for whatever reason…
I'll vote for anything to take yours specifically yours.
So now I know Super, business and kids are your priorities. Yep now I know exactly what to do next election.
I'll vote for anything to take yours
That exactly my point, as that is what Labor is all about.
Stealing what belongs to others.
No longer can you work hard to save up for a better life for you and your family as others will just come along and take it from you, just luck thieves do…
Soon will will see home invaders wearing logos 'sponsored by Labor' in security footage…Soon will will see home invaders wearing logos 'sponsored by Labor' in security footage…
It's always projection with you guys. You'd be thrilled if the logos said "Border Force" and targetting immigrants.
No longer can you work hard to save up for a better life for you and your family as others will just come along and take it from you, just luck thieves do…
The ability to be able to save up for a better life for you and your family are dependent upon the services that are provided by society, whether that be hospitals, schools, the fire department, roads, public transport, electricity, water, internet…etc.
100% of civilised modern society depends on the provision of universal public services, and all serious (i.e. non-protest) political parties "steal" money from people to provide these services.
If your view is that Labor "steals" from "great hardworking people", then who doesn't?
Obviously this is not to defend every government initiative, and particular policies should be robustly debated, but the idea that one political party is "pro-stealing" and others are not is insanely delusional.
I thought you were leaving because everything about this country's government upsets you?
@jv: What you like works in Singapore. Perhaps you should move there? And revive CheapCheapLah while you're there.
Perhaps you should move there?
Why? I'm Australian.
Perhaps those that want to change things here, should move to a place more suited to their liking…
@jv: But most of this govt, and every ALP govt member, has lived in your head longer, when combined.Charge them rent and get your $3.96 back.
@jv: Hurry up and return every nano cent of any benefit ever borne of the ALP, then.
Pretty sure you have super, have benefited from overtime, awards,penalties,sick and annual (and other) leave and loading and every other thing on the list.I mean, you wouldn't want to be a hypocrite and profit from the evil ALP and their sinister workings.Hurry up and return every nano cent of any benefit ever borne of the ALP
Happy to if they return all the taxes they've taken from me… I would definitely agree to that… 😄
@jv: I reckon if we did the maths, you'd be in the red as far a team player on the Aussie economy. And I look fwd to you knocking back all those ALP legacies that you keep ~benefiting from~ siphoning.
They penalise you for
Can you please list policies that differ from the alternate major party which would support this clearly penalising action
I know your talk back radio won't tell you this, but if this was actually clearly such a stark difference and their policies so demonstrably penalising, then that party would clearly not have the majority of federal and state representative seats in the current electorates.
I do miss the days of LNP where tax rates were 0%, medicare levy surcharges were 0%, GST was 0%, and everyone got one free lollypop a day. Those were they days. At least that's how I assume you remember them
@SBOB: tax on unrealised gains on super
increased taxation
increased debt to fund their reckless spending (that we will subsequently pay in increased taxation).
medicare surcharge
Division 293 tax (while also removing the tax for politicians)
Yes Campaign (364.6 million dollars)
NDIS cost blowouts
15 Billion National construction fund
Qantas/VA “Support” via Airport Slot Retention
Defence Procurement Cost Overruns
Consulting and External Contractors- (and before you say that any of these things were from the Liberal party - Labor has had more than 4 years to remove or change them… and they have not)
John Howard also locked the SGC at 9% for over a decade which (according to Paul Keating) cost each of us over $250k in retirement.
Nobody stops your from voluntary contributions… They get taxed the same…
cost each of us over $250k in retirement.
Only if you pocketed the money and didn't put it into super.
First Guardian Master Fund disaster
Why weren't APRA doing their job?
because they're incompetent government sycophants in a kakistocracy hell bent on wasting the tax payers dollar and dont like to do things proactively.
So why isn't Albo doing anything about it?
"re-insert previous comment here"
He said the fund convinced him his super would increase to $1m by the time he retired, likening the process to “someone selling you cars … just relentless, relentless people”.
Always the best investments chase you like a relentless secondhand car dealer.
So many warning signs seem to have been missed by people caught up in this case. If we want people to be protected from their own lack of knowledge and diligence, we will need a lot more heavy oversight by APRA (which will be expensive and intrusve and be complained about by others). If you don't know much about super and investments and don't want to do your homework, just stick to industry or big bank funds. And ignore urgers who ring you up with tasty offers.
industry super said what?
Gee, you'd think with a name like First Guardian your money would be safe. Now funds called "Crooked Choice" you'd expect to be a bit dodgy.
Its not.
Transfer to me and ill keep it safe. I have a <20cm knife (anyblonger is banned here). So it's all g.
I mean they kind of asked for it.
Just stick with industry superfunds and watch your money grow
6000 members only affected from this out of approximately 22.9 million super members. pretty good odds of super being just fine the way it is.
About the same ratio as being impacted by some additional tax over $3 mill, but that doesn't stop the clickbait either :)
Yeah. Yawn. Not worried about some super fund that nobody has heard of.
- Enter competition, requiring phone no
- Receive call from ‘wealth management experts’
- Repeat previous step until you agree to transfer funds
- Bad news
I suggested sharing your super between two funds for security in 2021
https://www.ozbargain.com.au/comment/11217020/redir
And got negged twice for it, and mocked "given the regulation by APRA".
I told you so.How many times are we going to keep reading these stories? Its like telling motorists you can't drink and drive but some still do. The sad part to this is $250 milion plus was moved offshore and ASIC has said it will be difficult to get it back. The promoters simply stole the money in reality and paid "licenced" advisors huge commission to sell the product. One recived $9 million in commissions in 9 months. Another $16 million. Some investors are sadly gullible to these salesmen and it wil not be the last time we hear a similar story. The worst ones are those that sell dodgy products to family and close friends.
Throw it in Vanguard - at the very least, lower fees than the bigger Aus funds (so better returns) and they're a trusted global brand.
But Vic is generally trash (I have family there) I’d invest but never live there
https://www.news.com.au/national/victoria/crime/mans-wild-se…
jv on 04/07/2025 - 15:31 Comment score below threshold.