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Queensland public servants' superannuation fund looks set to be raided to pay for infrastructure when the Palaszczuk Government hands down its second budget in three weeks.
"Our strategy, including our debt action plan, is aimed at reducing general government-sector debt while also allowing us to invest in the infrastructure that our growing state needs."
The Together Union's Alex Scott said the Government assured him there would be no changes to the accumulation fund that affected the majority of public sector workers.
"We've also received a guarantee ... that the existing entitlements for defined benefit members continues to be guaranteed by the Government and will not be changed by this proposal," Mr Scott said.
"If there's any change from either of those two principles, the union will seek immediate legal action to try to ensure that our members' rights and entitlements are protected.
"Superannuation is too important an issue for our members in the public sector to become a political plaything."
If this gets the green light I can see it becoming a trend that will extend to other states and beyond just public sector numpties super funds.
Give it 5 years and everyone will be doing it
I am sure I read somewhere (probably here) that when state couldn't get any investors to fund the toll roads and tunnels in Bribane, they got QSuper (the government workers' fund) to pay for it.
If that is true, then they are already doing it.
Now stacking: World Junk Silver Coins.
Swap your older, worn, dirty fractional silver coins for fiat, .999 rounds or legal tender.
Individual coins, mixed lots or bulk.
Not looking for Australian, bent, holed or damaged coins, thanks!
Has there ever been a Labor gov that doesn't spend every cent they can get their hands on......Wayne Goss was a good one but he had nothing on the self declared economic conservative K Rudd....
I guess they will again transfer a few billion $ of debt to some GOC and skite how good they are at managing the states finances......
Look fellows..Qld is the only state to have a super fund with anything left to raid...All the other states have unfunded super funds which means that each year they spend the super funds of state employees,
Look at the books of the QIC and you will see that Qld has invested a lot in other states as well.
If any money is used for capital works in Qld it should be through the QIC not taken from their funds.
Seek the truth about your state employees super fund before jumping on board the blue scare campaign.
Joh set up the fund many years ago and it now has assets of over 70billion which is not well known.
Many of these assets are in Southern States with investments in energy etc.
I have no problems if future projects in Qld are funded through the QIC rather than to beg for funds from the Red and Blue leaders who only give money to stay in the PM's job.
Regards Errol 43
Milking super funds as an ATM
After a magic pudding budget last year in which Queensland Treasurer Curtis Pitt shuffled $4.1 billion of state debt sideways on to the books of state-owned energy companies, the Palaszczuk government alchemists have been burning the midnight oil again. Early yesterday, Mr Pitt confirmed The Australian's exclusive front page story — that he would tap into Queensland's $30bn defined benefit superannuation scheme for public servants to help make ends meet and fund infrastructure in next month's budget. The infrastructure needs to be the best investment possible to improve productivity. The government will be marked down if it resorts to pork barrelling in marginal electorates.
...tapping surplus contributions for ill-judged infrastructure would damage Queensland's fragile balance sheet. Excess funds would be better used to make a large debt repayment and help secure a future credit rating upgrade. While Mr Pitt said Queensland would remain the only state to retain a fully funded scheme, he should bear in mind Future Fund chairman Peter Costello's recent warning that governments should maintain financial insulation to withstand global economic uncertainty.
Catus amat piscem, sed non vult tingere plantas