The present Superannuation scheme is clearly unsustainable. Paying universal Superannuation to everyone over 65 for the indefinite future is guaranteed to send us the way of the Greeks. But folk nearing retirement do need to be able to plan their future.
It therefore makes prudent sense to announce that govt will at some specified time in the future begin raising the eligibility age for Super, perhaps by six months at a time ever two years.
To the credit of the Labour Party, they have this as a policy—though in their case they stop raising the age before I would.
Raising the Super age to 67 will save around $1.5 - 2 billion.
Unfortunately, no politician or lobbyist can see a sum like $1.5 - 2 billion without wanting to raid it for their favourite programme.
Enter the Children’s Commissioner, who wants the money saved spent on “developing a mix of services for children” and increased benefits for beneficiaries with children.
Did you spot the nice sleight of hand? In other words, he wants to “redistribute” the un-wealth from retirees to beneficiaries.
This is just a trial balloon. If it arouses no great hue and cry, expect vote buyers in all parties to follow it up swiftly.