This is a comment on The Oz question time report, on how to arrange superannuation. Strangely, this was my proposal when I was doing what I could to oppose the introduction of the Superannuation Guarantee and compulsory super.

The present arrangements for supporting people in their later years are ridiculously complex. Why didn’t we follow the model used, very successfully, by other countries…. Everyone gets the age pension, including those who have assets (and why not? They’ve probably contributed more than most). And to pay for it we remove most of the tax breaks on Super. No assets test; and no-one manipulating their finances so that they creep into the qualification for a part pension (along with all the associated discounts).

Of course, the superannuation industry would hate it…. And the unions (who have benefitted hugely from the way Keating designed the system) would absolutely loathe it.

Everyone to get the Age Pension and then you are on your own to do what you like. Unfortunately, the possibilities for graft are much constrained with such a system. I saw the dollar signs in the eyes of many a person, and there was no deviating from the system we now have. As I said then, and I say now, it is a system that will make many a person poor in old age.