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Right now we have -- you a country with a successful.
Viable solvent retirement plan to run by the government.
The ambassador about country is here Australia's ambassador to the United States completely joins us now congratulations mr.
ambassador welcomed show.
But while it's very good to be on -- -- and what it is absolutely true what you said the -- and -- government may indicted -- an obligation.
On all employees to tie into the thousands of -- they made it their employees.
In fact the department's advice to -- private yet and -- this choice -- -- -- you can you can choose what -- you wanna put your -- -- let let me just recap for our audience here it totally different from Social Security.
I if I -- -- Australia I've got to pay into this pension plan.
But -- beside where about money goes on I decide whether it's invested back that's correct right.
That is correct actually you done paying your employer adopts it's part of -- wife.
But it's not occupation from here with the employer organizes the pension fund.
The -- asks you way you wanted to do now look the truth is that most employees.
That actually have a view on that.
-- but the point is while that would apply for must of the workforce that most of the time.
You didn't have a choice you don't have that you that you can -- employers say.
Might I don't want that I wanna go to such and such supplies right so is public guided the -- that happens.
Is that account that I'm building up along with my employer -- -- But in America if you pass away and you've been paying into Social Security that's it the money goes into the big pool but in Australia.
Is it part of my as state does -- its balance All My Children inherit -- chunk of money that I've laid up there in the pension plan.
-- -- And so that is that that is the eight the cumulative but because when you go into retirement unite Tuesday.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- But more broadly than a spouse a question as to whether apostle made.
But if it's a lump sum and if it passes on in accordance with you all right you will.
So hey you have Australia which has basically a -- -- is out pension system.
You've got up he's mandated by the government you've -- -- you and your employee you've got to pay into this pension plan but essentially it's privatized.
That that's the way it is it right.
-- effectively to makes we have also I government pensions -- And society if if you -- but it's a hit -- means tastes good.
And the point of that let's say pregnant wife and -- what we anticipate will happen under the top.
Is it probably anywhere up to about -- to say that he thought the saint.
Of the public will go off any form of the payments on me yet.
But government backed up if you line that's sort of the underpinning thing so it's something's happened you savings -- -- -- -- -- -- -- there is a back up they did to.
It's good to cape view Kate -- I -- I about the point is not to beyond.
I gotta tell him mr.
ambassador my son lives and walks in Australia and he loves this pension plan he thinks is absolutely terrific.
We really appreciate you coming on the show today and explaining how it looks how you how the government essentially runs a successful privatized.
Pension plan we love to have this so let me -- -- won both things do it.
It is about one point seven trillion Internet and allowed slab of that is invested in this country.
Decided to wait a -- for the success of that from our -- making it a success of this economy would judge you got wrong what we expect that if you're out west ambassador we're really up.
So thanks very much for coming on boy it was a -- stated -- good luck to you so thank you but I did think.
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