Workers Against Super

Superannuation is disaster for workers. It makes poverty and inequality worse, and privatises and undermines the welfare state. We can do so much better.

[Workers Against Super @superisverybad]

Good thread on super and the conceptual complexities of talking about “funding retirements”.

So much about super “saving the government money” or “helping future generations” is built on wrong assumptions or muddy thinking!

[Jack Thrower @JackLThrower]

Some more thoughts on the IGR's predictions on aged pension spending and comparisons to other OECD countries, let's ignore the problems with tax concessions for a moment. 1/8

[Workers Against Super @superisverybad]

Ben's right, government-owned stock is a great way to build public ownership. That's why the superannuation system is so criminal - $3 trillion of privatized wealth that could have been publicly owned.

[Ben Davison @Ben_Davison1]

Every time a Greens Party activist calls a sovereign wealth fund “gambling on the stock market” I wonder if they ever bothered to ask mummy or daddy how they paid the fees for private school…🤔

And if they’ve ever actually looked at a long term investment returns graph.
#auspol

[Workers Against Super @superisverybad]

@TheKouk "This chocolate bar used to cost $1, but now it costs $2"

"Ah, but you can simply cut it in half and each pay $1. This proves that chocolate bars are no more expensive. I am a very serious economist."

[Workers Against Super @superisverybad]

@vacuousvoid @nate__kelly @AlboMP You are very dumb - these high balances account holders are parasites who get handouts from the government, this is about giving them slightly less handouts.

[Workers Against Super @superisverybad]

@AlboMP The superannuation system isn't fair for any Australians except the rich. It was a scam designed by Keating to privatize the age pension so that rich people could get even richer, while leaving the poor to starve and be homeless.

The median over-65 person has no super at all.

[Workers Against Super @superisverybad]

@Dave73344993 @unionsaustralia I am. That's what our entire campaign is for.

[Workers Against Super @superisverybad]

@Dave73344993 @unionsaustralia I suggested a higher pension. You replied with that as your reason not to do a higher pension. But that rationale doesn't apply to only a "higher" pension, but to the entire concept of a pension.

[Workers Against Super @superisverybad]

@Dave73344993 @unionsaustralia “Be responsible for your own future. If you wish to fund others' retirement, then you can use your own money.”

[Workers Against Super @superisverybad]

@rwgwMelb It's actually even lower than that. The median for men/women at retirement (age 60-65) is actually only $136k/$86k. And the "middle" (median) retiree has no super at all.

[Workers Against Super @superisverybad]

@Ben_Davison1 Super was a right wing, conservative privatization of the welfare state. It's been a disaster, replicating inequality and poverty, enabling wage theft, suppressing worker incomes, and helping privatize the entire economy. https://t.co/FCOM2q2xxS

[Workers Against Super @superisverybad]

@KarenBatt_CPSU Super is a disaster. Amplifies inequality, replicates poverty, enables 80% of wage theft in Australia, wastes workers wages on fees, suppresses worker incomes. Please join our campaign against it: https://t.co/Q8B0flr3O6

[Workers Against Super @superisverybad]

@lenoretaylor It’s a total scam. Not just the tax breaks but the whole design which replicates income and gender inequality. Everybody should join our campaign against it: https://t.co/FCOM2q35nq

[Workers Against Super @superisverybad]

@ksyd2015 Latest ABS survey of income and housing

[Workers Against Super @superisverybad]

With a $3 million super cap being discussed in the media, it's worth remembering the median super balances at retirement are only:

$136k for men
$86k for women

And that the median over-65 Australian has no super whatsoever.

[Workers Against Super @superisverybad]

@RageSheen Absolutely not true. Most “ordinary people” have no super at all. The median over-65 person has zero. Super wealth is just as unequally distributed as regular wealth. Super is a privatisation of the pension that leaves low lifetime earners in poverty and makes the rich richer.

[Workers Against Super @superisverybad]

@SwannyQLD Note for readers: When Wayne talks about "returns for members", he means enriching the already well off, and boosting inequality.

Doubling super balances is good for those who already have millions, but for the poorest half of over-65s, who have **zero** super, it does nothing.