Pension time bomb ticking
The federal government's unfunded super liability for politicians, judges, public servants and military personnel now totals some $200 billion and continues to increase. This is more than 2.5 times the assets in the Future Fund set up by the Howard government to help fund these liabilities.
Allowing for the Future Fund assets, these liabilities increase our net public debt by more than 1.5 times. Clearly, if the federal budget is not brought back into surplus quickly, meeting the outstanding unfunded liabilities will exacerbate the tax burdens.
Read the full article: Pension time bomb ticking.