whiteknight wrote on Dec 30
th, 2024 at 4:50am:
Australia’s superannuation system is no longer about ensuring a dignified retirement for workers. Successive parliaments have contorted its purpose so that it is now Australia’s premiere tax haven for wealth accumulation and estate planning. This legislation will not change this trajectory in any meaningful way.
As the co-architects of compulsory superannuation system, the ACTU submitted to the inquiry:
Superannuation was not designed as, and should not be, a tax haven for the wealthy nor a way for the wealthy to receive tax handouts. Instead, superannuation tax concessions should provide assistance to those who need it, to save sufficient income for their retirement.
Current superannuation tax concessions are unfairly targeted, regressive and unsustainable.
Apart from fees and charges impacting more on those with the lowest balances - who in retirement - are likely to have nothing anyway.... then there is the demographic of the growing unemployed and part-employed - HTF do you accumulate super Super when you have Pharkall income?
I offered you the Grappler scheme - a set limit amount indexed to which a super fund can provide an adequate income - after that your extra is called 'savings' and the income on it taxed- no fees and charges under a specified lower limit. And everyone on the same scheme as the politicians etc... and the mass of money lying around to be loaned out to governments etc for valid infrastructure mass movements such as rail and road links and the GAIAs for the truly forward-looking.
This Island Banana Republic has to change in a fundamental way to get ahead - or it will be nothing more than a supplier of raw materials/importer of all finished goods - with a 'general' living standard/prosperity propped up by a near zero living standard for a growing number at the 'bottom'... the Tent City Slickers who do it far worse than any remote community member given all the good things to make a good life - the boats, the fishing gear, the cargo cult subsidised fuel and food.... sandy beaches, drinking rum every night, free RFDS weekly visits and free flights for medicals, money on da table ever' fortnight without fail, bit o' royalty cash .... no interference from Da Man an' right to 'disappear' any bloke or sheila who don't listen .... man - dat da life... wasting away down in Timtamaville..... while, with 'government' connivance, chopping Australia up into private hunting reserves and spiritual retreats to suit only you... Man - DAT IS da life!
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