The Abbott government has reacted with predictable disdain to attacks over its policies on refugees, homeless, university students, unemployed, and welfare recipients. And why shouldn’t it? These are complaints from people who normally wouldn’t vote for them anyway, while the policies themselves appeal not only to “bolted on” Liberal voters, but also to disaffected Labor voters. It’s good politics, even if the bad press means a temporary hit in the opinion polls.
But what on earth is it thinking in its response to the Senate References Committeeinvestigation into the “Performance of the Australian Securities and Investments Commission”? This report exposes, in excruciating detail, fraudulent behaviour within Commonwealth Financial Planning Limited between 2007 and 2011, and the timidity of ASIC, the institution supposedly overseeing how well the retirement savings of Australian households are managed.
Most people with retirement savings substantial enough to worry about are natural Liberal Party voters. It’s all very well to ignore the bleatings of your critics, but what should you do when your heartland supporters have a legitimate complaint?
