In Australia, there are two types of retirees: those who rely on the pension, and those who rely on superannuation. Guess which group costs more?
The new $3 million super tax is the latest attempt to rein in the excess, but it’s also a window into a system that’s quietly become one of the most expensive and inequitable parts of the budget.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
