Jul 9, 2014

Cormann lashes out but the FOFA pain may just be beginning

While the government rails at the industry superannuation sector, Labor is contemplating a second-best option when it comes to the Commonwealth Bank financial planning scandal.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

The government is now adding to the mess that is its Future of Financial Advice repeal, with Mathias Cormann, the Finance Minister and, after all these months, still acting Assistant Treasurer, wildly lashing out at industry super funds.

In yesterday’s Financial Review, Cormann, AKA the Pseudodinos, mysteriously raised the prospect of targeting industry funds as a kind of revenge if the Senate disallowed his FOFA repeal. Industry super funds — which despite being run by representatives of “venal union officials” as a “gravy train” (Tony Abbott’s words) and employer groups, significantly outperform funds run by the big banks and AMP — are a particular target of the Coalition. Cormann  told Fin journalist Nassim Khadem:

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13 thoughts on “Cormann lashes out but the FOFA pain may just be beginning

  1. old greybeard

    In fact this seems quite typical of Cormann as well as Hockey. The do not know what they are talking about and as my old man used to say,”don’t know their head from their arse”. These are the grown ups leading our nation????

  2. old greybeard

    Duhh! Typo they do not know….

  3. paddy

    [Cormann, AKA the Pseudodinos]
    ROTFL Bernard, you’re hereby forgiven for all that anti football nonsense. Gold.

  4. Pedantic, Balwyn

    Cormann appears to be following in the footsteps of other Cabinet Ministers and simply making up “truths” that fit his arguments. Like his Cabinet companions these utterances appear to have initial credibility, but closer examination invariably reveals that they are distortions or down right lies! Obviously the neo-liberals in his spin department and generally throughout the Coalition must be working their socks off in finding fault and blame in past Labor policy or legislation; it must be very frustrating being made to look like prats on such a regular basis.

  5. klewso

    Cormann – a square head in a big hole?

  6. JMNO

    I am pleased you can confirm that Cormann is a flesh-and-blood human being. I have only heard him on the radio or read him in the media and he always sounds/comes across like a robot whose recorded voice is stuck on a pre-election setting. I have never heard him saying anything original or which sounds remotely like he is a person.

  7. MJPC

    Anything the Cormanator says is all cigar smoke and mirrors.

  8. AR

    He deprecated (imagine him trying to say that word…)hissownself during an injection to Whish-Wilson’s speech, “I’m just a poor immigrant, I can’t read what the Senator is waving around…”.
    So, leaden footwork as well as fricatives.

  9. bluepoppy

    It’s a bit like the ‘very very serious budget emergency’ line I heard one LNP Senator barking about in the Senate the other day. LNP thinks if you repeat something often enough it becomes fact. Well even rusted on LNP voters are having second thoughts.

    Cormann’s threat to industry funds is purely ideological. If there was anything to add weight to the fact these tories are working purely at the behest of corporations it is the repeal of these FOFA laws. (And failure to support a Super Profits Mining tax). Big money wields influence and as long as the donations keep coming these beggars don’t give a damn.

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