@Tiger Watto said:
Don't be critical of me because I don't want to fund peoples retirements… I'm no different to the government your defending?!
How am I defending a government? I am defending the superannuation system, a system both sides of politics endorse.
From wikipedia:
_The change came about through a **tripartite** agreement between the government, employers and the trade unions. The trade unions **agreed to forego a national 3% pay increase** which would be put into the new superannuation system for all employees in Australia. This was matched by employers contributions which were set to increase over time to a proposed 12%. Subsequent changes meant this has been capped at the lower employer rate of 9%._
Although, you are still fighting away….
_Though there is general widespread support for compulsory superannuation today, it was met with strong resistance by small business groups at the time of its introduction who were fearful of the burden associated with its implementation and its ongoing costs._
Further, almost every developed country has identical issues:
1\. Lack of private retirement funding, be it through low levels of defined contribution amounts and/or unfunded defined benefit schemes and;
2\. Lack of engagement of citizens and their retirement funding.
To state that it was introduced based on "Keating's assessment that Australians are poor savers" is completely naive. Australia has and continues to retain, one of the highest levels of engagement amongst its citizens for investing for retirement.
We are actually lucky enough to be further down the path of resolving pension shortfalls. Other countries such as say Europe for example, or in particular those with predominantly defined benefit schemes, are in much more trouble than Australia. Can only imagine how many kittens you would you have had if you had to pay defined benefits to your retired employees!