Depends on who they worked for. Public Service had generous superannuation and so did most big corporates.
I was employed by one of the big 4 banks and started my own super contributions in 1983 (once I turned 22 - the rules at the time) whilst the bank contributed 9% from that point as well. When the SGL came in, they didn’t need to contribute anymore. Salary sacrificed my contributions when I was able to but forget when that was.
I’m one of the lucky ones but once paid off house started to invest in shares directly and here we are today.
I do feel for the younger generations and unless they can count on the bank of mum and dad they have an uphill struggle. It is a complex issue to deal with, there is no simple solution but negative gearing needs to be seriously looked at - ok to own one of two investment properties but after that you should get no tax benefit for any over 2 (and includes related entities).
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