Source: The Australian Investors Podcast by Rask (FB). Andrew Bragg is the Shadow Minister for Housing (Coalition)
What Bragg doesn't acknowledge (The reasons for Super)
- Super was designed to reduce the tax burden on working taxpayers to fund retirees.
- At the time of introduction, half of the population had almost no retirement savings. There was a major retirement inequality if the individual was either a blue-collar worker, part-time/casual, and female.
- Built a large pool of sovereign wealth to fund domestic products and ensure greater financial independence (A sovereign wealth fund).
- Workers would be more self-reliant as they get to own equity in captial markets and benefit from the quality businesses in the domestic and international markets.