Aged Pension, page-48

the full reasoning was that the Gov wouldn't be able to afford the aged pension by 2030 if people didn't compulsorily save for their retirement.

and its worked a treat, particularly for the wealthy using the superannuation rules to accumulate much larger sums and avoid considerable tax.

I'm with you on handouts, they're necessary to prevent severe poverty. I benefitted from free university until Hawke introduced co-payment.... then my uni fees rose each year. I also had the assistance of the New Enterprise Incentive Scheme in the mid 90s while have a go at building my own business. free training course and mentoring plus the unemployment benefit for 12 months minus the need to apply for jobs. that was a great scheme. I lasted 2 yrs in that business but was killed off by competitive businesses adopting my niche product.

the aged pension is a safety net to avoid older people needing to go into much more expensive aged care. imo its less welfare than it is enabling people to live in their own home and be "independent" for most things. many didn't start superannuation until it became mandatory, so they may not have enough super to live on, especially if they still owe some bucks on their home.

interestingly the rules apply to capitalists and right wing as much as it applies to socialists and left wing.

gl