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semi_modular_mind45 karma

What's your songwriting process, do you start with the vocals or instruments and which instrument's do you use?

Thanks for the AMA, love your work!

semi_modular_mind41 karma

Also impressive dedication to check. Wait.. You, you updated the page.

semi_modular_mind34 karma

But what about when everyone's just chillin?

semi_modular_mind33 karma

The Australian Government Future Fund is an independently managed sovereign wealth fund into which the Australian Government deposits funds to meet the government's future liabilities for the payment of superannuation to retired civil servants of the Australian Public Service.


On 5 May 2006, A$18 billion derived from government surpluses and income from the sale of a third of Telstra in its ongoing privatisation, was deposited into the fund. On 28 February 2007, the government transferred the Commonwealth's remaining 17% stake in Telstra, valued at A$8.9 billion, into the Fund.

Source: Wikipedia

Yeah, Wikipedia isn't a credible source, how about The Future Fund's own 2014-2015 annual report, p12

The Future Fund was established by the Future Fund Act 2006. Its purpose is to make provision for the unfunded superannuation liabilities of employees of the Commonwealth that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth’s finances. Between May 2006 and June 2008 the Government made cash contributions to the Future Fund totalling $51.3 billion. No further cash contributions have since been made. In association with the sale of the Government’s remaining stake in Telstra Corporation Limited, 2,105 million shares in the company were transferred to the Fund in February 2007. A further 57 million shares were transferred during 2007 and 2008

Current share price of Telstra is $5.33. 2105 million + 57 million = 2162 million shares, x $5.33 = $11,523,460,000.

Liberal politicians sold Telstra and put profits directly into their own superannuation fund, and continue to have a financial incentive to maximize their superannuation's investments.

Foxtel is partly owned by Telstra, partly by Mr Murdoch, who's media was pivotal in electing the Tony Abbott Liberal govenment. FTTH NBN is in direct competition with Foxtel, therefore Telstra, therefore Politicians superannuation investments.

In the end it won't really matter, billions will be spent upgrading Telstra's network then the whole lot will be sold to Telstra at a huge discount. Guess where profits of the sale go? The same place profits of the Telstra sale went, into politicians own superannuation fund and then directly into their pockets when they retire. There's no conflict of interest because the superannuation fund is "independently managed". By Peter Costello, the guy who sold Telstra in the first place, and who also has his superannuation in the fund. He does a good job.

In 2014/15 the Future Fund produced a return of 15.4%. Since it was established its return is 8.0% per annum. In comparison the Fund’s target benchmark return for these periods was 6.0% and 7.1% pa respectively. On original contributions valued at $60.5 billion, the investment program has added $56.7 billion taking the total value of the Future Fund to $117.2 billion.
- Peter Costello

(Fun fact: Peter Costello is to remain the Chairman until 2019, the fund begins paying out in 2020)