Hmmm ... am appalled at the public discourse on the entire issue of retirement et al.
"... tax concessions on superannuation currently deprive it [Government] of at least $30 billion in revenue a year..."
This is truly appalling stuff !!
The Superannuation Guarantee System IS A TAX !!
Folks need to understand that any amount in an account is that which you will have to live on for up to 40 years of your life because THE GOVT HAS WITHDRAWN IT'S SOCIAL CONTRACT to look after you when you no longer can work.
As we speak, $$$billions are in DRAW-DOWN mode by retirees reflecting a DIRECT SAVING for the Govt.
Further, Govt revenues from Super are already around A$15billion per year and set to double by 2020.
Existing TAXES NOW PAY CLOSE TO 50% OF AGED PENSION ... and time these were shown as an offset and not just lumped into general revenue.
The idea that given this scenario being discussed as workers in 'accumulation phase' could be somehow RORTING the system and must be fixed is appalling !!
Abbott has pledged no changes to Super arrangements and along with many Super Industry observers who are calling for an end to constant tinkering with the system which has been going on for over 30 years !!!
