Why rightwing critics are wrong to say the Australian super system is broken

The article argues that criticism of Australia’s compulsory superannuation system is overstated and politically motivated. It says Australia’s $4.4tn retirement system is not “broken” but has helped keep long-run retirement costs stable despite population ageing. Treasury’s 2023 intergenerational report forecasts total retirement-income costs of about 4% to 4.5% of GDP over the next 40 years, with age-pension spending staying near 2% of GDP through 2063. The piece notes that rising super tax concessions are offset by lower pension outlays, and that a growing share of retirees will fund retirement without the pension. It also compares Australia favorably with OECD countries, where public pension spending is expected to rise much more sharply, reinforcing the view that super is a structural strength rather than a fiscal failure.