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April 7, 2022

Anna Murray 

Leith van Onselen is a so-called Unconventional Economist. He criticized Australia’s superannuation system for unfair tax breaks among the rich and the poor on Apr. 4. 

In Australia, the superannuation system is one of the tax evasion methods. Based on progressive tax system and the same 15% flat rate, the high income earners usually pay less tax compared to the others. As to the retirement pension, the highest 1% income earners get 14 times more than the lowest 10% ones. It is over USD 700,000 contrast to USD 50,000.

So far, Australia’s superannuation policy not only encourages tax evasion for the rich, but also fails to help those in need. However, the superannuation lobby and the Australian Government are less likely to change it because of huge profit.