It's taxing earnings at 15% rather than the marginal rate which...

It's taxing earnings at 15% rather than the marginal rate which can be as high as 45%, in fact it is a net loss of tax revenue.

Keating stuffed up when he designed the Super system, it should have been tax free on the way in & taxed at marginal rates on the way out. Resulting in significantly lower Super balances for everyone & a massive hit on taxes collected.

Now the idiot says things like people should be able to blow it all when they retire & go on the pension if they want!