My simplistic take on the prospects of annuity on which I based...

My simplistic take on the prospects of annuity on which I based on to buy CGF:- The 'true' philosophy behind Superannuation is NEVER to maximise wealth or be an estate planning tool. Unfortunately Super has been hijacked to build wealth.

The 'noble' objectives of Super:- (the government encourages by providing tax incentives to) 1) SAVE to meet future personal liabilities / needs b) to build a secured financial asset. Annuity is the way to go - slow, steady, safe. If Comprehensive INCOME Product for Retirement is made compulsory, it will reduce risk and uncertainty from government funding liabilities thus supporting sovereign credit rating. An investment in annuities, I believe, ends up in investments in oz gov bonds and/or expand local bank's deposit base which will only strengthen our financial system. Its good policy.

(On the contrary, allowing SMSF to buy property on a non-recourse basis, IMO, runs counter to this philosophy - its bad policy - it seeks to maximise wealth but its volatile and is an accident waiting to happen, besides screwing first home buyers. It increases local bank's lending base, admittedly some boost to economic activity)