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  • Leaders Lecture Series: David Whiteley, Industry S

    The expected wave of regulation aimed at Industry SuperFunds is in danger of fixing a system that isn’t broken. That was the view of the controversial CEO of Industry Super Australia[more]

  • Leaders Lecture: Brian Benari

    Last month’s Federal Budget marked a sea change in Australia’s approach to retirement by clearing the way for major reforms geared to correcting the shortcomings in Australia’s pension scheme. Elizabeth Fry reports that Challenger is well placed to b[more]

  • LEADERS LECTURE: DAVID ATKIN

    David Atkin, CEO of national industry fund Cbus, expects changes to Australia’s superannuation system in 2016 as issues like fund governance, default funds and the adequacy of super savings are publically debated. [more]

From the Back Page

Americans choke on $1 coin stockpile

The UK newspaper The Telegraph reported recently that a mountain of 1.2 billion dollar coins is sitting unused in US government vaults because the American public is so attached to the traditional dollar bill. The US Mint has been producing vast numbers of the gold-coloured coins after being ordered to do so by Congress in 2005.

American taxpayers could save $500 million (A$524m) a year if they switched from paper dollars, which wear out quickly and must be replaced, to the more durable metal version, according to  the US government accountability office.

Yet demand from banks for the coins has been so low that US$1.2 billion worth – which cost US$300 million to manufacture – are sitting in storage, an investigation by National Public Radio found.

According to The Telegraph, opinion polls show that three-quarters of the American public say they would prefer to carry on using the paper dollar bill, affectionately known as the “greenback”, which celebrates its 150th birthday next year.

 

Comment: AB+F Blog

Two early for reform celebration: The one-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act passing into law rolled quietly by last month... [more]

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