Sir Robert Menzies said in 1949, “The best people in this community are … those who by thrift and self-sacrifice, establish homes and bring up families and add to the national pool of savings, and hope someday to sit under their own vine and fig tree, owing nothing to anybody.”
Little did Menzies know then that some 43 years later all Australians would be made to add to the national pool by contributing a percentage of their wages.
It was a good idea at the time but sadly for the past 30 years, its execution has been poor.
The system has become too...
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