Stop the rorts. Our Federal Bureaucracy is out of control.
The estimated liability for the Federal Bureaucrat Defined Benefit scheme is $335 billion.
This is nothing but a massive theft of taxpayers money.
Of the $335 billion:
$137 billion is for 40,509 bureaucrats who will get more than $75,000 a year in retirement $91 billion is for 29,094 bureaucrats who will get more than $50,000 a year.
David Anderson, the head of the ABC is expected to get around $400,000 a year until he does despite earning over a million a year for the last 5 years.
The PeopleFirstParty.au is the only political party who will stop this unjustified rort.
Senate on 9/10/2024
Statements by Senators
Superannuation: Public Servants
Senator RENNICK (Queensland) (13:41): I rise today to call out the bureaucratic defined benefits scheme in Canberra, the federal bureaucratic defined pensions scheme. According to modelling from the finance department a few years ago—I suspect this figure is actually much larger today—the total cost for approximately 164,000 retired bureaucrats who’ve worked in Canberra, all of whom would’ve had a very good salary and very good conditions, is approximately $335 billion. With the retirement of David Anderson from the ABC, it has recently come to light that his final salary was estimated to be approximately $1.1 million or $1.2 million, and in retirement he is entitled to approximately 37 per cent of his final income every year. If you work that out, someone who’s been on over a million dollars courtesy of the Australian taxpayer for the last five or six years is now, in retirement, going to get over $400,000 a year until he passes away. Now, Mr Anderson isn’t much older than me—I’m led to believe he’s about 55 years old—but for the life of me I cannot see how we can justify paying these ridiculous gold-plated pension schemes in retirement.
According to this modelling, there are 40,000 retired public servants, all of whom get more than $75,000 a year, at an estimated total cost of $137 billion. That is completely unsustainable, and it is unfair to the Australian taxpayer, who each will at best get a pension of approximately $25,000 or $26,000, and that’s only on the condition that they have assets of less than $312,000 if they’re a single pensioner.
The defined benefits scheme needs to be means tested.
