BILLS Treasury Laws Amendment More Flexible Superannuation Bill 2020, 16/06/2021

It's great to be here tonight to talk about this legislation. I'm not going to lie to you: it's still ultimately lipstick on a pig. There isn't a plastic surgeon in the world that can bring this dead, stinking carcass called superannuation and make it look attractive—I can assure you of that. I will tell you why: it's because superannuation is a lie.

If you look at the statistics that come out every month, these are the latest. The median balance for women aged 55 to 64 is $118,000. That's the median balance after 28 years. For men it's $183,000. Most of these 55- to 64-year-olds would have had 30 years of superannuation, albeit the early years were at a lower rate, but that's still less than half to get to the cut-off for the full pension. Long story short: 50 per cent of the people in this country are still never going to come off the pension. We drop $40 billion a year in lost tax revenue that goes to the wealthy—it's only the top 10 to 20 per cent of the people who get these taxation concessions. They don't need the incentives. They're already wealthy as it is. For 13 million workers in the country, that's 3,000 bucks a pop to basically subsidise the wealthy....
For the full speech visit my website at: gerardrennick.com.au