Industry responds to Grattan reportBY ALEX BURKE | WEDNESDAY, 22 APR 2015 12:50PMIndustry Super Australia and the Association of Superannuation Funds of Australia have responded to the latest Grattan report on superannuation fees. Related News |
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The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
The Australian superannuation system is only set up for the benefit of the superannuation industry itself and the 20% of the wealthiest individuals, yet all the Australian citizens have the safety net of the age pension. So why is the government providing the rich with such huge tax concessions?
If the government scraps all the tax concessions for super, and scraps the means test of the age pension, the government could quickly wipe out the deficit because the tax concessions for super contributed largely for the deficit.