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Finance Theory 101 is that you look at risk adjusted returns as your guide. In none of these government reports from any agency have I seen this mentioned, it's all just looking at nominal returns. It's a disaster all the fear mongering these agencies and the media are creating. Perhaps every Australian should just go set up an SMSF, that would take these mandarins out of jobs, they'd have nothing to prognosticate on. Treasury is now suggesting CIPRs should be designed so that no advice is required, except maybe intra fund advice. The insto's will love that, charge whatever they want with no advice protections.