What can we do?
Scrap tax concessions on retirement savings. End compulsory private superannuation. Meantime, require employers to start paying out the 9.5 per cent that is currently going into super as wages and salaries, and tax it as such.
Introduce a job guarantee scheme for those of working age and pay those of retirement age the job guarantee wage.
Conduct a national audit of the skills and the infrastructure that Australia will require in the decades to come to provide for its ageing population, and put in place the plans needed to ensure those skills and that infrastructure exists when it is needed.
Because the problem is not the money — it is the real goods and services, as it always was.
Independent AustraliaPrivate super: Paul Keating’s innocent fraud
Steven Hail | Lecturer in Economics, University of Adelaide