History of pensions and superannuation at the link...

History of pensions and superannuation at the link https://treasury.gov.au/sites/default/files/2019-03/round4.pdf

We can see that from the very early 1900's there was pensions introduced then many proposed and introduced changes to first fund pensions and also reduce the burden on government.

Fact is that prior to compulsory supper there was little incentive for people, particularly low income earners to save for their retirement. As it is compulsory supper results in few people relying to live on the pension alone given they will have supper to draw from in addition to the pension. Of course the pension is asset tested and IMO the $470k asset cut off for a single home owner is too low.

Whether we like it or not government would be aiming to get to the point few people will get full or part pension from the goverment