“We had to actually raid it a couple of times and take money [out] when things were really bad and tough,” she told Insight.

Belinda took over a decade out of the full-time workforce to care for her late husband John when he was diagnosed with blood cancer. Source: Supplied

Belinda is in her fifties and wonders if Australia’s super system was designed for people like her.

“So many of us — particularly women — we end up coming out of these long-term caring roles … and when my time comes, there’s nothing,” Belinda said.

Source: SBS

Navigating the super system

According to the ASFA, Australia has approximately $4.1 trillion in superannuation assets and is on track to become the second-largest pool of capital in the world.

“Over the last few years, I’m really concerned now … I’ve missed the boat.”

A superannuation tax increase

“Someone on a high-income tax bracket gets the greatest tax break, and that’s probably the reverse of what you would like to achieve if you want to help middle- or lower-income earners,” he said.

The move has been opposed by the Coalition, while the Greens have called for this tax threshold to be lowered to $2 million — which would impact more super balances.

There are 80,000 people with super balances of $3 million and over, according to a 2023 Treasury portfolio media release. Source: SBS

Is scrapping super the answer?

“I think the important point as a policy question [is] it’s skewed to the people who would never be on the age pension and would be independently wealthy at retirement age anyway.”

Economist Cameron Murray believes we should scrap the government-mandated super system. Source: Supplied

Independent financial adviser Andy Darroch doesn’t believe it’s that simple. He believes that the Australian super system is “the envy of the developed world” and should definitely not be scrapped.

He said if more Australians had early access to super, “you’d probably sell a lot more jet skis, and you’d want to invest in a tattoo removal company … people don’t save for retirement”.

Are Australians superannuation savers?

“As my brother said, [have] the adventure before dementia.”  

Damian accessed his super to help fix his teeth. Source: Supplied

While the Labor government aims to make the super system “fairer”, Australians like Donna and Belinda feel like they’ve missed out.

“But I am still not getting the information — even though I’m trying.”