self funded retirees

[kiwigeo]

Just a minor point but very important if you are a politician who wants to be seen as a good economic manager. Cheap imports put a damper on rises in the CPI.
Cheers,
Jim

Doesn't do much for our trade deficit though. A good economic manager is someone who can get a single roomed school tuck shop built for less than it costs to build a two storied Mcmansion.

[Frank&Earnest]

Parts of Australia are relatively tectonically stable but other parts of the continent are actually quite active (eg Adelaide and surrounds). There are also other areas that are not suitable for dumping radioactive or other hazardous waste..such as the large part of eastern and south western Australia that overlies the Great Artesian Basin. The British tests produced radioactive atmospheric material that found its way east and into the charge areas of the GAB. Years later wells on the weatern edge of the GAB registered spikes in tritium and other radioactive isotopes that correspond to the British tests. The GAB aquifer varies in depth with maximum depths of the aquifers occuring at around 3000m.

Salt mines are the best places to stick hazardous waste but unfortunately Australia doesnt have alot of such mines. Abandoned oil/gas wells that penetrated into granitic basement are one good place to store radioactive waste if it can be suitably processed....vitrifying the waste material prior to burial at depth (Synrock) is one process that has been developed. Incidentally the Synrock process is an Australian invention and was being tested at Lucas heights back in the late 80's.

Very interesting. So, is Maralinga suitable? If so, with our combined expertises we could put together a strong business case.

[kiwigeo]

Very interesting. So, is Maralinga suitable? If so, with our combined expertises we could put together a strong business case.

Possibly but couldnt give you an informed answer without looking at detailed studies of the sbsurface geology of the area. It appears to lie off the western margins of the GAB but it would lie within one of the other sedimentary basins of similar age (Triassic-Cretaceous roughly).

[Frank&Earnest]

Doesn't do much for our trade deficit though. A good economic manager is someone who can get a single roomed school tuck shop built for less than it costs to build a two storied Mcmansion.

Indeed. But I admit ignorance about the decision making process used in this instance. I would have assumed that once got a bucket of money from the Federal Government, it was up to the private school or the Education Department to go through a tender process or some other means to ensure that it was not being ripped off by the builders. We can give for granted that the builders would have milked the situation for all it was worth, but that's what a free market expects, doesn't it? When I was working as an internal auditor for the State, it was part of my job to do due diligence analyses to overcome these situations.

Anyway, we have veered away from the topic, if it was a genuine plea for the self funded retirees. I have a feeling that it was more of a political fishing expedition, though...

[kiwigeo]

Indeed. But I admit ignorance about the decision making process used in this instance. I would have assumed that once got a bucket of money from the Federal Government, it was up to the private school or the Education Department to go through a tender process or some other means to ensure that it was not being ripped off by the builders.

Schools had very little say in what they got. A school in bad need of a proper assembly hall but already with an adequate tuck shop would be told they were going to get a new tuck shop or nothing.

This from The Australian..."...the Education Department pressured public school principals not to manage projects under the BER, warning them they could personally face $55,000 fines if injuries occurred, and schools that managed projects themselves could be "liable for hundreds of thousands of dollars worth of extra building work. Instead, the department engaged seven managing contractors to handle the schools building scheme in NSW."

One school ended up with an 8 x 3m tuck shop that cost $650,000. Ive got a fully climate controlled 8 x 3m workshop and a fully lined double garage that only cost me $60,000 all up....it's big enough to serve as a tuck shop for a university. Something is seriously wrong here...

[Big Shed]

This thread seems to have run (or was pushed) off the original track somewhat, Maralinga, GAB and school tuck shops

[Sebastiaan56]

Enough to double everybody's entitlement to the age pension.

Only if we taxed the companies that got the job properly instead of the "incentives" they get offered to stay here.

[kiwigeo]

This thread seems to have run (or was pushed) off the original track somewhat, Maralinga, GAB and school tuck shops

Noted and actioned.

[nine fingers]

This thread seems to have run (or was pushed) off the original track somewhat, Maralinga, GAB and school tuck shops

Gee's Didn't think the thread I started would create so much discussion.
any way keep it going, John

[Greg Ward]

I've just changed Super companies. Mine was showing 'super' returns......from their investments in their own investments or something... all secret. Over 15% a year for many years.... looked good...
Suddenly, someone realised that their valuations on their own 'investments' were slippery, to me it seemed to be fraudulent overstatement of returns to get noticed in the market, but of course I was just probably p'...ed off.

All super companies fell, but this one managed a 'super' fall.
I dropped a large percentage, and worse the fund value stayed low. Although the stock market recovered..... their 'investment' stayed low and worthless.

6 weeks after my initial instruction, I received a letter stating that they needed another letter from my company stating that the deposit to them on ..... March 2010 was the last deposit, and if they didn't hear from me.... that they would conclude I didn't want to change.
A few nasty emails and I have at last finalised the change
I would have been better stocking up on VB.
I'm sticking to timber futures...

Regards
Greg

[kiwigeo]

I've just changed Super companies. Mine was showing 'super' returns......from their investments in their own investments or something... all secret. Over 15% a year for many years.... looked good...
Suddenly, someone realised that their valuations on their own 'investments' were slippery, to me it seemed to be fraudulent overstatement of returns to get noticed in the market, but of course I was just probably p'...ed off.

I take it this was a super fund run by an investment company. If they were not providing you with regular reports detailing a. how your super was being invested and b. an accurate run down of returns on at least an annual basis then they're in breach of the law.

If you initiated the fund via a financial advisor then he/she will have been making a nice little income out of the trailing fees. If there is or was an FA involved then go and pay them a visit and start asking them questions. One question you should ask them is exactly what they are doing for you in return for the trailing fees theyre being paid.

[jimbur]

What tends to irritate me is the advice you get from media pundits. Ride out the ups and downs in the market they say. The problem is that you can't choose to retire when funds are on the up and up and certainly can't guarantee the markets will drop just as they lower you into the grave.
Remember Pyramid. A few mates of mine certainly do.
cheers,
Jim

[Greg Ward]

Nope... It was a big industry fund.
But they had as part of their 'investment' a large part of the fund in a 'target' portfolio of some investments ???? which were never really divulged.
Perhaps they may have been somewhere in their annual report?
But not in the information mailed to me each 6 months.
Glossy, but not informative.
I'm happy to be out as a matter of principal.
Greg

[kiwigeo]

Nope... It was a big industry fund.
But they had as part of their 'investment' a large part of the fund in a 'target' portfolio of some investments ???? which were never really divulged.
Perhaps they may have been somewhere in their annual report?
But not in the information mailed to me each 6 months.
Glossy, but not informative.
I'm happy to be out as a matter of principal.
Greg

They are required to at least state the nature of the investments..ie stocks, property, bonds etc. Alot of the funds dont bother mailing you hard copies of annual returns any more but therell be an option to request same or have one emailed to you.

[kiwigeo]

What tends to irritate me is the advice you get from media pundits. Ride out the ups and downs in the market they say. The problem is that you can't choose to retire when funds are on the up and up and certainly can't guarantee the markets will drop just as they lower you into the grave.
Remember Pyramid. A few mates of mine certainly do.
cheers,
Jim

Jim,

If youre close to retirement you should be considering moving at least some of your super into less volatile sectors such as fixed interest etc. I plan to do so when I get to my mid to late 50's.