Comment by tonytran2015: Compulsory Superannuation in Australia benefits the financial companies managing Superannuation Funds more than the workers contributing to the funds with 9.5% of their salaries. It is an institutionalized scam targeting the financially illiterate workers.
A key area the PC [Productivity Commission of Australia] did focus on in its report, was the fact that Australians pay over $30 billion a year in fees on their super
(excluding insurance premiums).
[$30 billion a year is excessive for a national total population of 25 million, including non-working and children].
A report released by the Grattan Institute last year
noted that reducing average super fees, and increasing investment
returns, by channelling people into the better performing superannuation funds, would also boost retirement incomes by more than raising the
Super Guarantee to 12 per cent [from currently 9.5 per cent].