13 November
Australia’s pension fund warns against using savings for economic recovery
The chairman of Australia's top pension fund has warned about the government's intention to use the citizens' retirement savings, which is primarily due to the fact that the country needs help to solve economic problems and prepare for an upcoming global recession.
Over the past thirty years, the assets of Australia's pension funds, initially equal to $148 billion, have exceeded $3.3 trillion, giving Australia the world's third-largest pension reserve.
According to Paul Schroder, chief executive of AustralianSuper, his fears are related to the fact that governments around the world may start taxing personal funds of individuals, citing the difficult economic situation in the world.
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