‘Reality check: Super and private health are money-sucking cons’

Oct 04, 2020
Paul takes a closer look at superannuation and private health insurance in Australia. Source: Getty

This is Part Two in Paul’s series on government structure. Read Part One here.

Superannuation, the biggest con ever sold to the public, is in a position of uncertainly. Nothing can be more evident than the 60-plus billion dollars withdrawn from superannuation funds during the past few months. It proves that people give little thought to the future when the need is to survive. Offer people a pool of cash it is obvious they are going to take the opportunity to grasp it.

Let’s be very clear, superannuation payments are paid by employers on behalf of employees, they are not a savings made by an employee, far from it. The burden of future retirement has been firmly placed on the account books of employers. Therefore why would an employee not take the opportunity to obtain money that is not his or her’s, to purchase items that would make their lives more enjoyable. People are hurting in daily life, looking to enjoy life and bring a bit of happiness to the daily grind. Perhaps buy a boat or a caravan, do house renovations or just straight out waste the money for a feel-good factor. Who would not take money from a fund when they have not put any of their income into it. Basically it is free money with no penalty, as far as the general population cares, the future will take care of itself. To think otherwise is naive and it appears our government is just that.

The statement ‘my super’ is amusing and false. Let us not forget that any money put into a superfund has been paid by an employer on behalf of the employee. Strictly speaking the money is not the employees until time of retirement or at a time regulated by the government of the day. Employees are allowed to place their hard earned money into the superfund, this money then comes under the same requirements and regulations. So why do it?

Superannuation is the biggest con played on the working population and a major burden for employers. For the most part superannuation cannot work, the figures clearly agree with this. Whilst a percentage of workers, most of whom work in public service, will benefit, most Australian workers will not have sufficient superannuation when needed.

If you are middle-aged trying to buy a home and bring up a hungry family, retirement seems a long way off. It is not something that people think about. Why should people work hard at an early age to provide funds for their retirement when nothing is further from their minds. People become slaves to their work. Many came to this country on the belief they would have the freedom to thrive. This is what Australia has always been known for but it is an ethos that is now eroding. The government has got its thinking wrong.

Superannuation has a brother, private health insurance; another waste of income and time. Look around the cities, look high and look at the names on the tall buildings. That is where the money is going, making fat cats fatter. Super funds and private health insurance have no reason to exist. If all the money paid in health insurance premiums was allocated to medicare think how much the health system could be improved.

Politicians who rise to become ministers can totally lose touch of the plight of the common folk. They are secure in the knowledge that they will receive a pension immediately on being found out and sit on superior superannuation benefits for the rest of their life.

Something is drastically wrong and needs to be fixed and the current situation we are in appears to be a great catalyst for doing so. Never have we had a better chance to make good out of bad and turn this country into one that puts its people first and is not driven by a gross domestic profit (GDP), micro economics and the need for constant growth.

The time is now, at our lowest GDP position, to not only examine but explore revolutionary changes to tax, health, medical, retirement, child care and more. Our systems, like most of the western world, have become too complex with time. It’s one heck of a job, but the benefits in doing so are huge for people and let’s face it, that is what it is all about.

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