Business
Snouts in the superannuation trough: turbo-charging Paul Keating’s legacy – Michael West News
The nation’s retirement system costs 10 times more to run than the ATO and is a key way for the highly paid to accelerate their wealth.
If superannuation didnt exist, and you went to the Treasurer of the day proposing a retirement system that would require 10 times the operating cost of running the Australian Taxation Office but wouldnt deliver a net benefit to the Commonwealth budget for at least 50 years, youd get short shrift.
If you further proposed that same retirement system primarily be a vehicle for the highly paid to supercharge their accumulation of wealth through tax concessions worth some $36 billion each year, youd…
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