[LINK] Re: Telstra in the future fund

[Marghanita da Cruz]

Howard Lowndes wrote:
> I'd be guessing, not without the approval of the government.
> 

I would imagine the people whose super it is may also have an interest...

<http://www.futurefund.gov.au/about_the_future_fund/outline>

 > Outline
 > Background
 >
 > The Australian Government’s first Intergenerational Report 
highlighted that if Government policies are not adjusted, the current 
generation of taxpayers is likely to impose a higher tax burden on the 
next generation in order to pay for critical Government services, such 
as health and aged care.
 >
 > In addition to these pressures the Budget will be facing pressure 
from the Australian Government’s unfunded superannuation liability, 
which is currently the largest quantifiable liability on the 
Government’s Balance Sheet.  As at 30 June 2005, this liability stood at 
$91 billion and it is expected to grow to over $140 billion by 2020.
 >
 > Currently the unfunded component of the Australian Government’s 
superannuation benefit payments is paid from the budget, on a pay as you 
go basis.  The Government is currently paying out approximately $4.5 
billion a year in gross superannuation benefit payments.  If this were 
to continue it would result in a burden of around $7.5 billion a year in 
2020 at a time when the Budget will already be facing pressure from an 
ageing population.
 >
 > In response to these pressures, the Australian Government announced 
in the 2005-06 Budget that it would create the Future Fund, with the 
defined purpose of accumulating sufficient financial assets to offset 
the Australian Government’s unfunded superannuation liability by 2020.


.........




> Jan Whitaker wrote:
> 
>> At 11:55 AM 4/09/2006, Marghanita da Cruz wrote:
>>
>>> I caught Fran Kelly on ABC radio interviewing David Murray, chair of 
>>> the future fund, about its role in influencing the direction of 
>>> Telstra, once the future fund became a major shareholder. And David 
>>> Murray pointed out that as the chair of the future fund, his 
>>> responsibility was to ensure that his investment in Telstra was not 
>>> loosing value.
>>
>>
>> This is an interesting situation. Can the Future Fund sell the shares 
>> that are put there? If not, why not?
>>
>>
>> Jan Whitaker
>> JLWhitaker Associates, Melbourne Victoria
>> jwhit at janwhitaker.com
>> business: http://www.janwhitaker.com
>> personal: http://www.janwhitaker.com/personal/
>> commentary: http://janwhitaker.com/jansblog/
>>
>> 'Seed planting is often the most important step. Without the seed, 
>> there is no plant.' - JW, April 2005
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> 


-- 
Marghanita da Cruz
Ramin Communications
http://www.ramin.com.au
Phone: 0414-869202
Email: marghanita at ramin.com.au