Economist Chris Richardson sparked debate earlier this year by describing Australia's superannuation system as "a reverse Robin Hood," arguing that it took money from poorer Australians and gives it to the rich.

"The super system is best thought of as a trucking company," Richardson wrote. "It collects cash from the less well-off and dumps those dollars on the rich. And it charges almost as much in fees for doing that as the nation collects in taxes from super. The official figures already show that super is an intergenerational blight, and it's eating away at the budget as it takes from the poor to give to the rich."

Researchers at the Grattan Institute think tank also argued that Australia's super system had turned into a taxpayer-funded inheritance scheme for the wealthy, with 68% of super tax breaks benefiting the top 20% of income earners, reported ABC.

According to Andrew Podger, a professor of public policy at ANU, Australia needed to shift its focus towards creating a system that helps older Australians turn their accumulated super savings into reliable incomes, ensuring they can maintain their living standards and manage the financial challenges of old age.

With higher tax concessions on the........

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