Once a government is elected, they will become spendthrift with all our taxes, stamp duties, fines and other sources of government revenue. This is to make themselves look good to cover services that keep our total population going, then they may end up to be a conservative government to reduce Government debt overall.
I always worry about governments, who can give tax cuts to workers whilst we are running in budget deficits. What happens if a householder runs into budget deficits: if it is extreme, they may proceed with voluntary bankruptcy. Our Australian Government hasn't.
Ok, I have just retired recently. As I experience retirement, I have had a sudden wish of life: for our young now working and youth who will be working, as well as our current workers soon to retire. Welfare is required to the needy and should not be abused. I do not deny that deserved people require welfare to live day to day.
In Australia, according to Government information Click here for details, there was $157B spent on welfare in 2015-2016. The annual growth is 3.4%. That means the Australian Government needs to pay for this welfare from workers tax, stamp duties, fines and other government sources of income.
Lately, I have been thinking about this a lot. A generation ago of workers paid from their income into Superannuation and received benefits at standard savings rates or banking saving rate. When they retired, they lived off this superannuation, and ended up either as full time pensioner or the part-pension, based on income/asset tests.
We must thank Australian Governments from 1983, where Employers were paying 3% allowance into super and Unions had forgone wages increases under the 'Prices and Income Accord' Click here for details. My generation, has most likely worked hard, pay their dues in taxes and thanks to past and current governments had received a Government compulsory employer superannuation funds.
While that was happening, my funds grew, even though there has been government fees and admin fees biting into it. I find that quite funny that Australian Governments makes money on the Compulsory employer superannuation. So there is double dipping in taxes as you get taxed on your general income and then your superannuation.
No, whilst we are talking about this, this is where where we don't hear politicians during elections talk about something that is important and that is if we teach our youth, young ones. That is to pay an extra small affordable amount into their Superannuation accounts. per week/fortnight. An amount they could forget until they retire (not to be taxed all). Increasing your Superannuation benefits, on top of your compulsory employer superannuation contributions, this will leave a better future to live on. Better future choices could be made, on retirement.
Governments needs to advertise the benefits of individual contributions to super. It can make people look into their own future a little bit brighter. Also, there should be allowance to stop repayments if not working and increase and provide lump sum payments
If we use for example an individual places $50.00 per week into Superannuation, at the end of each year, If this individual paid consistently for 40 years $50.00 per week, the total contribution will be $104,000 - thus enhancing the final Superannuation withdrawal benefit.
Now by doing this could reduce the Welfare payments Australian Governments contribute to our economy. This is just a thought, as I do care for future retirees. This will give our children a good retirement. I wish I had contributed to my own Superannuation Contribution benefits!
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