Albanese under fire for treating retirement savings as a 'national asset'

If you thought your super belonged to you, think again.The Prime Minister sees Australia's retirement savings as something that can be used to advance the nation's interests.Telling the Australian Financial Review and Vizi Superannuation Roundtable, there is a real potential to see these funds as a national asset.A national asset.That's a dangerous way to think about money that Australians have spent a lifetime earning.We've already seen changes to the tax rules, and now the Prime Minister is openly describing Australians' retirement savings as a national asset that should help deliver national objectives.

And that should concern everyone.Opposition leader Angus Taylor says Australians deserve answers about exactly what the government will do.

What is his plan with Australian super?Is he going to follow the lead that we've seen from Wayne Swan in recent days?Superannuation is Australian's money.It's not the government's money.It's not union officials money.It's Australian's money.

And we will always respect that.

And it's not just the coalition raising the alarm.Westpac CEO Anthony Miller delivered a blunt warning.saying, don't touch the super complex, don't direct it, don't tell it where to go.And Mr Miller further said, let's make sure these funds understand the responsibility they have and that the governance is there.Liquidity is not a risk class that the super complex has ever had to worry about, because all they ever had was money coming in.And he's exactly right.

Super funds have one job, Maximise returns for members, not governments.Once governments think your retirement savings should serve the national interest, this definition will never stop expanding.Australians don't spend years building their retirement nesting.so politicians can use it as a diplomatic bargaining chip.Your super isn't another pool of money for governments to steer because they've run out of ideas.It belongs to the people who earned it.

If an investment stacks up commercially, super funds should absolutely invest, because it's the right investment, not because it's the government's choice.And that's the difference.Your super doesn't belong to Canberra.It belongs to you.