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Could allow the reserve bank to change the mandatory rate of retirement savings in Australia - currently 10.5% of their wages. It'd have the same effect as int
by jackvalentine 4y ago
Could allow the reserve bank to change the mandatory rate of retirement savings in Australia - currently 10.5% of their wages.
It'd have the same effect as interest rate rises in removing consumer demand without the kinda icky feeling of just sending that money to the income statement of a bank as mortgage payment increases.
Obviously not a silver bullet, but perhaps another tool to make available.
- thriftwy 4y agoWhen a person has an open mortgage, pressuring them into making "voluntary but mandatory" retirement plan is financially devastating. Let's rip the young off so that we can prop the securities up and help the banks!
- jackvalentine 4y agoIt’d be done in lieu of interest rate rises that hit the pocketbook of people anyway. Most mortgages in Australia aren’t fixed rate.