Compare the pair - note to ACOSS Goldie, LABOR - Shorten, Bowen, GREEN - Milne
1. Age Pensioner Couple - Home owner - Home $1.5m, Account Based Pension $220,000 (minimum drawdown $11,000), Bank Account $20,000, Full Age Pension Entitlement with benefits $33,717 p.a. cpi adjusted)
Wealth including home $1.74m

2. Self Funded Retiree Couple - Home owner - Home $600,000, Account Based Pension $2.5m ($2m voluntary after tax contribution, Concessional Component $500,000 and minimum drawdown), Bank Account $20,000.
Wealth including home $3.12m

Position 21 years later assuming c.p.i 2.5% and Account Based Pension earning a net 6% p.a. (after all fees and charges).

A. Full Pensioner Couple - Home now valued at $12m, Account Based Pension $231,100, Full Age Pension Entitlement $56,630 p.a. cpi adjusted.
Wealth now including home $12.25m

B. Self Funded Retiree Couple - Home now valued at $4.8m, Account Based Pension $2.62m, No Age Pension Entitlement.
Wealth now including home $7.44m

Where is the equity and fair play. Before further taxing frugal self funded retirees the Assets Test for the Age Pension entitlement needs to include the family home. For asset rich - income poor, age pensioners a claw back formula devised to recover the age pension so paid using the RBA cash interest rate till the asset is sold. The savings to the national account could be monumental.

Further the Deferred Capital Gains Tax liability now amounting to some 3% of $1.9 trillion held in Superannuation needs to be collected by making ALL Superannuation Funds segregate the asset holdings backing the "Accumulation" and "Retirement Income Paying" phases and thus facilitate the collection when a member moves from the Accumulation to Retirement Income phase.

The current 9m net tax payers can not be expected to fund and subsidise the inheritance for the advantage of the beneficiaries of asset rich - income poor age pensioners.