So we have the second most overpriced property in the world, and apparently the solution is to force younger generations to speculate on property using their retirement savings.
Nothing short of outright parasitic behaviour by a generation of self-entitled baby boomers, every economist and economic commentator has denounced the proposal. But now, PWC have some some analysis to conclude this will also blow a massive $31Bn hole in the federal budget by the year 2050.
The loss to government – which taxes earnings on super balances at 15 per cent – would be $1.1 billion in 2016-17, and fluctuate between $611 million and $993 million over the next nine years. By 2049-50, the figure would hit $2.1 billion, taking the accumulated hit to government to $31 billion, according to the estimate.
Such blatant outright corruption, at the highest level of politics in Australia.