Wilson Tuckey
"31% of that share market is made up of mining shares by market capitalisation" said Mr Tuckey.
"As super funds tend to follow that market it is reasonable to calculate that approximately 10% of their $1231.8 billion is invested in mining shares - which suffered an overall decline in value of $6.7bn yesterday" Mr Tuckey said.
"All the above also highlights just who owns big companies and they are all shareholders".
"It is therefore also probable that the individual value of members' super accounts fell by a sum exceeding $1bn yesterday whilst Kevin Rudd was telling them of the increased pensions they can expect as his Government increases the employer contribution from 9% of salary to 12%".
"Prospectively it is also clear that the dividends that mining companies will pay in the future to super funds will also be reduced thus further reducing retirement benefits to superannuants".
"So it appears we have another tax merry go round. Employers are forced to pay more into employee super funds but the returns of those proceeds will reduce relevant to Rudd's mining rip off".
"Contrary to some perceptions, none of the Rudd mining tax transfers to members' super accounts so it is a toss up whether members will suffer profit or loss when the employer contribution is offset against the mining tax".
"Rudd's reference to overseas ownership of shares in our major mining companies is another furphy. These owners are also individual shareholders or pension funds whose members' contribution has helped finance the multi billion dollar investments needed to get these projects off the ground and their level of interest will be reflected in the profits available".
"There is nothing to stop Australian pension funds or individuals investing in overseas mining companies and we would make a huge fuss if foreign Governments imposed excessive taxes on such investments because they came from Australia" Mr Tuckey said.
