Ann: IOOF update on APRA licence conditions, page-7

Some thoughts about government:
1) our government has succeeded (thro' various heavy weight creations) in tanking the market value and reputation of financial instos that have for generations been integral to the prosperity of our nation (in the case of IOOF for over 170 yrs)

2) government, in my view, should have addressed perceived concerns quietly but effectively in a way that avoided the collateral damage of national and international significance we now witness.

3) most self-funded retirees using SMSFs (like me) have shares in established financial instos for their relative security and reliable dividend payments : the government has succeeded in diminishing the value of our portfolios and probably future income streams that fund our pensions.

4) So who could benefit from this blunderbuss bureaucratic action ? For one, industry super funds as retirees find their SMSF investments have tanked and future benefits also threatened by Labour policies e.g. to curtail franking credits.

However, members of parliament and bureaucrats won't have to worry personally about a newly regulated financial world: they're given a tax-payer supported salary and when they retire, they can look forward to a tax-payer supported pension.

NOT financial advice please do your own DD