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Super Super

I haven’t checked any statistics on the subject but I suspect that the biggest collection of wealth in our country – right now – is the accumulated balance of every single superannuation account ranging from 16 year old kids (only another 50 years to go) to old blokes my age whose primary, or only, income is derived from a superannuation fund.

My mother, long since deceased, occasionally expressed regret that when she worked there was no such thing as a “provident fund” to care for her in her old age, namely when she reached pension age.

It must be difficult for a 16 year old to imagine being 66 and entitled to a pension but I’m sure they still teach arithmetic at school!

Anyone who can’t get their head around the fact of 15% tax on superannuation earnings (or zero at my age) or more than double that outside super really needs to go back to grade 1 arithmetic.