Vic: $113 superannuation black hole forces rate increases
Victorian councils are expected to increase rates by more than five per cent this yearto cover a string of financial disasters, including a $113 million superannuation blackhole.
Municipal Association of Victoria chief executive ROB SPENCE says the low earning ratesof capital markets have eroded the reserve of local government superannuation schemes,and they'll have to be topped up.
He says many councils also face massive public liability hikes and some are dealingwith a minimum 17 per cent increase in the fire services levy.
Others also face a large bill to meet new WorkCover rules on garbage and aged-care workers.
Mr SPENCE says the Local Authorities Superannuation Fund has notified councils of thecauses of the rates blow-out this week and has asked them to cover the shortfall.
AAP RTV ce/gfr/cd/jmt
KEYWORD: RATES (MELBOURNE)
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