Mike's Minute: The superannuation debate has become boring

It's hard to believe that superannuation is still a “thing”.

The OECD report told us we need to bump the age.

Nicola Willis told us Friday we have to do something. The Prime Minister then goes on Newstalk ZB and tells us they will campaign, again, on bumping up the age.

We should not be here.

In 1982 when I started work at the age of 16 it was very clearly in my mind that I had to sort my future financially, given the debate at the time was that superannuation is not affordable, and the state could not always be relied upon to be there for you.  

So if it was a debate in 1982, why is it still a debate in 2026, having achieved or solved nothing?

The answer of course is because it has been political dynamite. No party really wants to risk losing votes over what has been seen as an entitlement.

So first port of call, is it an entitlement or not? If it is, bump the age.

There is no question that we live and work longer, therefore retirement is not what it was and it will continue to evolve.

Or, my preference, make it a benefit. We see Labour's free doctor's policy as the money wasting joke it is. Why does a person like me on a good salary need a free doctor? I don’t. Stop wasting money.

So why not apply the same to retirement? Do you need it? If yes, you get some assistance. If no, then save the dollars for someone else.

But some still argue it’s the reward for a life's work. Is it? The reward for a life's work is money in the bank, some travel and no alarm.

The country doesn’t owe me anything.

Equally, that farcical, old line about you having paid your taxes was never true.

The taxes you paid have been spent every year. Almost every year we spend more than we earn. There are no savings, no surplus. Your taxes paid for healthcare and Government departments and roads and beneficiaries.

Like so many of life's issues, when you complicate them and fiddle with them they remain unsolved.

Kicking it down the road isn't a skill. It’s a lack of backbone.

At some point someone has to be honest enough to pull the pin.

It's not 1968 and 65 years-old isn't old. This thing has been debated so long now it's become boring.

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Episode Transcript

Speaker 1 (00:00):
Hard to believe. Really, the superannuation still still a thing.
The OECD report last week told us we need to
bump the age. Nikola Willis told us Friday, we've got
to do something. The Prime Minister goes on z BE
on Friday, I think two tells us they will campaign
again on bumping the age. We should not be here.
So in nineteen eighty two, when I started work at

(00:20):
the age of sixteen, it was very clearly in my
mind I had to sort my future financially given the
debate at the time nineteen eighty two. The debate at
the time was that superannuation is not affordable and the
state could not always be relied upon to be there
for you. So if that was a debate in nineteen
eighty two, why is it still a debate in twenty
twenty six, having achieved or solved nothing. The answer, of

(00:41):
course is because it has been political dynamite. No party
really wants to risk losing votes over what has been
seen as an entitlement. So first port of call, is
it an entitlement or not? If it is bump the age,
because there is no question we live longer and therefore retire,
it is not what it was, and it will continue
to evolve, or preference make it a benefit. We see

(01:02):
Labour's fees free doctor thing as a money wasting joke.
Why does a person like me on a good salary
need a free doctor? I don't stop wasting money, so
why not apply the same to retirement? Do you need it?
If yes, you get some assistance. If no, then save
the dollars for somebody else. But some still argue it's
the reward for a life's work. Is it the reward

(01:23):
for a life's work? I would have thought is money
in the bank, a bit of travel and no alarm?
The country doesn't know me anything. Equally, that old farcical
line about you having paid taxes, you realize that was
never true. The taxes you paid have been spent every year.
Almost every year, we spend more than we earn. There
are no savings, There is no surplus. Your tax is
paid for health care and government departments and roads and beneficiaries.

(01:46):
Like so many of life's issues, when you complicate them
and fiddle with them, they remain unsolved. Kicking it down
the road isn't a skill, it's a lack of backbone.
At some point, someone has to be honest enough to
pull the pin. It is not nineteen sixty eight and
sixty five is an old thing. Has been debated so
long now it's actually become boring. For more from The
Mic Asking Breakfast, listen live to News Talk Set B

(02:08):
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