Its time wrote on Mar 26
th, 2018 at 3:13pm:
Imagine our social security bill if Labor didn't bring in Super , ahead of their time the mighty Labor party , it's a shame we have dumb arse conservatives holding us back generations
The Australian super is nothing but a fraud, set up for the benefit of the elite 20% of the population.
It was badly designed by the Keating government in the first place, and then the Howard government in 2007 made it more beneficial for the rich 20% by making super income tax-free, if paid by the so-called taxed fund.
Currently the various tax concessions for the rich exceed the total cost of the age pension, disability pension and unemployment benefits combined.
The other weakness of the super system is, that it does not address the Centrelink pension, and a part-pensioner starts losing 50% of the pension after earning a certain amount or accumulating a certain amount of assets.
Compare this with a self funded retiree with an income of some $100,000 plus pays no tax at all.
Furthermore, many employers dodge the payment of the super for their employees; in most efficient super system the employer has to pay the super contributions within a limited time, usually no more than 3 month, so if a company goes bankrupt, the employees don't lose years of super.
Paul Keating has nothing to be proud of, because his government did a lousy job as far as super is concerned, yet he also introduced dividends imputation; and guess who benefits mostly from that?