As soon as practical after this year’s election (next year) we should have an survey type referendum (non-binding)that asks us the public what we want. It should ask questions on:
- age of eligibility
- set age or flexible
- means testing
- rate of payment – indexed or otherwise
- Super fund contributions locked in or not
- targeted assistance for those who have to retire younger for health reasons
- anything else?
Then all parties MPs in Parliament, using the help of an expert group, should work together to come up with a legislative package based on public preferences plus fiscal prudence and social responsibility. Any votes should be on a conscience basis.
The resulting package should then go to the public for a binding referendum vote.
The last time there was a referendum on superannuation, over 90% voted against the proposal.