CLA’s policy is to abolish compulsory superannuation contributions and allow people to invest or spend their superannuation as they see fit. This includes buying a home to live in, a car and a holiday. People should also have the right to withdraw their superannuation investments (without incurring a tax or other penalty) and do with it as they please. The primary benefit of superannuation should be protection against creditors, not to reduce tax.
The motivation for this policy: The primary beneficiary of superannuation is the middle-class, who use it to reduce their tax liabilities. They do not need government to force them into saving for retirement, they’ll do so anyway. Compulsory superannuation is prejudicial for low-income earners because it makes it harder for them to live a comfortable life, to pay for necessities, and save for a home of their own. The main beneficiaries are the fund managers who earn fat fees despite not generating returns that consistently outperform index funds, the unions who receive ‘commissions’ from industry superannuation fund managers, the Labour Party who are supported by the unions, and the accountants who do the books and audits for self-managed superannuation funds.