Keep your snouts out of the piggy bank

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The news report link below mentions that the current Australian Labor government plans to withdraw money from the Future Fund to help its surplus budget ambitions and promising to return it later.

http://www.theaustralian.com.au/national-affairs/labor-plans-future-fund-withdrawal-as-it-takes-aim-at-budget-surplus/story-fn59niix-1226134325846

In the spirit of this blog’s mantra – “Try to hear what is not being said” – this could translate to being read as “Holy smokes, we are in trouble”.

This article has attracted rebuttals, revisions and corrections but just the sheer mention of this story is unbelievable.

Australia is a rich country which weathered the 2008/09 financial crisis better than most, yet it’s government is proposing more taxes and now wants to raid its sovereign pension fund to meet political promises.

If the Australian government needs to do “borrow” money from the Future Fund , there is a $1.1 trillion superannuation industry which they could also fiddle with. Maybe a new tax for contributions??

Beware Australian government, you need some new policy advisors!

News stories such as this, together with rising petrol and food prices along with revivals of mortgage stress, civil unrest wouldn’t too hard to rouse.