Monday, November 20, 2006

T3 and the Supa fund

Just a quick note on the T3 float that has gone so well, due I'm sure cause you can get a fully franked share. Not being a share holder it doesn't make much sense to me, but I can't think why you would invest in a share that has consistently gone down.
Still that is not what I''m writing about. I have noticed that the 15.5 Billion dollars it has raised is going into the governments Future Fund. Which should really be called the Supa fund for Public servants. I didn't agree at the last election when the Treasurer said this fund would be set up to pay out the supa funds of our public servants. They get a disproportionate contribution and in the past it is paid by the current public servants contributions. Now we are selling publicly owned assets to pay supa. Whereas when Telstra was first floated for sale it was going to the environment a much healthier cause than paying out public servants.

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