A generous reading of earnings/annuity from the ~300k ‘average pension pot’ number the ATO supplies would amount to about $1500/month over 20 years. In other words based on current average numbers everyone will remain reliant on the government aged pension to be able to eat in retirement.
Tinkering around the edges (so called efficiency gains) will not change this.
As I’ve said before, spruiking that the SG increase would harm wage increases is disingenuous because after inflation there have been no wage increases for about a decade.
What we should be asking the government is based on future demographics (the proportion of our population that’s over 67 is ever increasing) how are they going to be able to afford the ever increasing aged pension bill? And it’s not just the aged pension, because those who don’t self fund also receive a swathe of other tax payer support..
Buggered if I know 😛