Second Reply to 5 reasons rich old guys are pillaging your superannuation
I am appalled by the discriminatory tone of this article. The Labor Party should be ashamed for promoting this nonsensical article. Even worse it is in their mouthpiece ‘The Labor Herald’ which is published by the Australian Labor Party. https://www.laborherald.com.au/
Not only has the author demonstrated a disparaging attitude against retirees but the article is entirely factually incorrect. According to the article “baby boomers were gifted the opportunity to build their wealth off the back off the most generous government concessions and support enjoyed by any generation in the history of Australia; including free education, a rolled-gold public service superannuation scheme, high income growth, cheap housing, and record low interest rates.” WRONG. WRONG. WRONG.
Who do you classify as a ‘baby boomer’. I was at university in 1971/1972/1973 and certainly did not have free education. At that time if you were not fortunate enough to win a scholarship you had to pay UPFRONT to go to university. At the time it was $1500 per year at a time when the average wages was $2000 a year. A university degree was for the rich not the working class. It was those born after 1960 who benefited from the Whitlam reform. Anyone older than that did not have free education.
Only Government employees were fortunate enough to have a defined benefit superannuation scheme, and still many of these were just average wage earners, teachers, police, nurses, public servants. Throughout their working lives they were not high wage earners. Remember it was not until the late 70’s that the Percentage Wage Increase came in, which again benefited the rich and was the start of the wage divide and the emergence of the ‘have’s’ and the ‘have nots’.
Anyone over the age of 60 struggled to buy the family home. They didn’t have the luxury of any first home buyer grants; before they could even get a housing loan they were required to have 10% deposit (and until the mid 1980’s the woman’s wage was not even considered when applying for a loan) and on top of that they paid up to 18% interest.
So tell me, where was this ‘cheap housing’ to which you refer available? Our first home purchased in 1977 was $44,000. My wage at the time was approximately $4,000pa. How is it any different today when the average wage is $54,000. The difference is we lived with second hand furniture, one car, no phone, no take away or restaurant dinners, no holidays etc.
The biggest mistake the baby-boomers made was rearing a self-indulgent, narcissistic, egocentric generation. They have no understanding of the struggle their parents had to provide them with the life-style they take for granted.
Stop this discrimination of older Australians. Get back to true Labor values and get back to work!
More importantly, get your facts straight.