I've always believed that anyone whose income is around the basic wage should never be forced to pay into super. In reality it is a pay cut, and regardless of how much they are forced to put in they'll be on a pension, or part pension anyway when they retire. People on these low levels of income would be better served to pay down debt or be able to buy essentials so they DON'T get into debt.
Also as can be seen super has sucked a lot of life blood out of the economy only to be invested overseas, I think from memory even AusSuper invests nearly 50% of their members money overseas, I suspect it would be similar with other funds, why? commissions, fees, charges administration.
A friend of mine is in a major retail fund with fees and charges being about $8k, I run my own SMSF of similar size with fees and charges being $2.5k? His losses to date (covid era) are 2 times mine, so he is in effect paying a third party to loose his money at twice the rate that I am.
Life is uncertain and I'd rather be debt free now rather than being so-called well off some time in a future that may never happen, life is short and unpredictable.
