Even with a 10% pay cut the VC will be remunerated over $1,000,000 per year, even despite the university’s poor financial performance.

Having worked at a university the waste is in plain sight. Vendor lock-in, consulting fees (especially with the Big 4), high executive pay, and compartmentalisation between professional and academic staff are high on the list.

In my area (different university) there was a constant stream of poor decision making. Moving to the cloud? Let’s hire a consultant to tell us what to do, and then do it in the worst possible way, instead of using internal capabilities! I suggested that the contract include provisions for “best practice” as listed by the vendor (HashiCorp) but this was ignored. The consultant gave us spaghetti Terraform code and an inefficient, high cost subscription layout.

The professional and academic staff barely talk in my experience. Academics do their own thing as much as possible. Professional staff throw solutions over the wall, mostly because of the existence of the wall in the first place.

The university was looking at using “crotch sensors” (motion sensors under the desk) to measure desk utilisation, spending money on “smart” ambient sound solutions etc. in the executive building, and other high cost solutions looking for a problem, at the same time as freezing staff and threatening redundancies. I was denied training but offered access to an LLM subscription (GitHub CoPilot) along with other IT staff, because AI is the going buzzword being parroted by the executives.

The higher education sector seriously needs an external review… and a proverbial kick up the bum.

Trying to talk to a human at the big tech companies is nigh impossible these days. It’s actually quite concerning how unaccountable they have become. If a billionaire can’t do it, what chance do us commoners have?

Where do you suggest people invest their long term money to avoid the scourge of coke bros? If one is to believe the stereotypes, real estate and non-Super investments seem just as likely to face the same problems.

Cherry picking an article seems to suggest the US has similar problems https://www.investmentzen.com/blog/average-401k-return

Australia’s superannuation has improved over time. For example, the MySuper reforns led to consolidation and an exodus of underperforming funds.

A quick search on some of the biggest super funds in Aus shows returns of > 9% in a more equivalent, potentially volatile “high growth” fund.

There are funds that offer lower cost index-tracking products if that’s your thing.

The biggest problem, IMO, is financial literacy which needs to play a bigger role in education.

Why would it? Super is its own scam

Scam: a fraudulent or deceptive act or operation

Can you elaborate on super being its own scam?