I agree.. It is one of many headwinds we face as an economy.
People are lulled by compulsory superannuation “savings” ( actually paid for by employers in the main ) and quickly turn to welfare, in various forms, the PBS, Centrelink, Childcare support, for top up using other people’s money.
There is common perception that people who paid tax all their lives, are entitled to a pension, as if the governments of the intervening years had saved up a portion of those taxes to provide for them. Nothing in the cupboard except a lot of IOU’s to bond investors, most often overseas based.
It could be argued that if governments invested a large part of those “savings” in productive infrastructure, then there has been a national saving but for a long time now current expenses for welfare, education and health have been growing faster than CPI, and much infrastructure investment in defense, NBN, for example, has very low or no return.
Would never begrudge a large allocation for defense, especially in current climate, but do question the specification and procurement processes.
Eg Diesel powered submarines?
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