A comparison of the post-retirement plans of general and specialist dentists can be found in Figure 2. The changes to superannuation arrangements in 2006 appear to have had little effect on the retirement plans of older dentists in NSW, with 57% reporting that there would be no change to their intended retirement date.
The report suggests current superannuation tax arrangements benefit higher income earners, and the system face sustainability issues over the long term.
"This will put pressure on the long-term sustainability of the superannuation tax arrangements, particularly given other long-term budgetary pressures as the population ages, such as calls for higher spending on health and aged care, and relatively lower revenue from personal income taxes".
In Australia, we are all too aware of these problems, with our mandatory, predominantly defined-contribution, superannuation fund system.
Morrison continued the mythical creature theme when disputing the $100bn estimate of the total budget boost over 10 years from Labor's savings and revenue measures, including changes to superannuation and multinational tax arrangements, increases to tobacco tax and the abolition of the Coalition's emissions reduction fund.
The report raised concerns about the emerging trend of superannuation funds using limited recourse borrowing arrangements to buy assets, which increased the risk to taxpayers who underwrote adverse outcomes through the provision of the age pension.
Gary Vincett says he believes in superannuation, but the whole system needs to change.
According to the leak, the government will recoup money from reforming existing tax arrangements, including paring back generous superannuation concessions and ensuring multinationals pay more.
The new arrangements still favour the better-off, and superannuation remains the most rewarding of all investments.
"In recognition of the collective responsibility that ministers bear in relation to cabinet decisions, these standards require that ministers divest themselves of investments and other interests in any public or private company or business, other than public superannuation funds or publicly listed managed funds or trust arrangements," the 2010 guidelines read.
Most baby boomer and older nurses are employed within the hospital system and have access to employer superannuation.
