Unfortunately, Australia is a haven for robber barons, siphoning massive and illegitimate mountains of rents from the property market, transportation, superannuation, mining and banking for the benefit of owners and managers. …
Superannuation is a leviathan, taking 9.5% of workers’ pay on the pretext of reducing the burden on the age pension in retirement. Whatever the intentions of the Hawke-Keating government by enacting this scheme, it now exists for two reasons: the system allows the parasites in the financial sector to cream off around $25 billion annual in fees and provides a funnel for high-income earners to reduce their taxes (hence the hefty super tax expenditures). Only minor reforms have been enacted to stem the generosity of superannuation. …
The perverse polices which promote the upwards redistribution of wealth are achieved legally by exploiting grey areas within politics, law and regulation. Soft corruption is quite distinct to the issue that we focus on, namely control fraud. This is the outright and illegitimate breaking of the law where controllers of the firm use the institutions they manage as a weapon and shield to engage in widespread looting. The Australian banking and financial system is an obvious example.
The introduction is a bit light on for details:
Grey gifts. Some interesting ideas in here:
Property developers. Snort.
Banking is the big one. Infrastructure and retired politicians.
More here. The authors obviously are a bit anti-capitalist, but they make some fair points about the soft corruption and excesses that are currently rife.