Hmm, what's the average working life, 40 years? $500 times 40 years = $20,000. Pay $500 a year over 40 years, add 5% interest, take away 2% inflation, and it calculates out to $40K. So think about this. I'm 20 years old and if I was paid this $500, in 25 years time from now I'll have $40K. Yes I see people being self-funded once they turn 65 on that sort of bonus. It's a complete waste of money. You'd be better off forcing people to reduce their mortgages by $500 a year with the money that's being given for super.
This tax funded bonus should ba abolished, there are much more efficient ways to spend the money. This Labor diehard argument about hitting low paid workers is ridiculous. They can't access it till they're 65 years old for god's sake. To the average low paid worker it means jack.
