Australia’s superannuation system has long been hailed as one of the world’s best, but a recent call to scrap it entirely has set off a firestorm of debate—especially among those of us who’ve spent decades building up our nest eggs.

Is it time to rethink the way we save for retirement, or would ditching super be a disaster for everyday Aussies?

Let’s dive into the heated discussion that’s got the whole country talking, and unpack what it could mean for you, your family, and your future.



The Great Superannuation Showdown
The controversy kicked off on SBS’s Insight, where two financial heavyweights squared off: Dr Cameron Murray, chief economist at Fresh Economic Thinking, and Andy Darroch, independent financial adviser and director at Independent Wealth Advice.

Chief economist Cameron Murray told viewers the current system is 'heavily skewed' toward the top-earning 20 per cent.

'It’s skewed to the people who would never be on the age pension and would be independently wealthy at retirement age anyway,' he said, adding that, on average, Aussies would be 'better off without it'.

Murray pointed out that one in seven men die before ever touching their super, arguing the downsides now outweigh the benefits. He also slammed the sector as an 'unnecessary industry' hogging top talent and claimed the rule forcing workers to quit at 60 to access super nudges people out of the labour force too early.



'Super doesn’t help the poor, who generally will still need to rely on the pension because of disrupted work and family life. It doesn’t help the rich, as they have enough wealth to support themselves,' he said.

'It only increases the retirement income of the middle by making them poorer when they are young and poor with a family to support so they can be richer when they are old and rich with no one to support.'

The Defence of Super​

Independent adviser Andy Darroch hit back, calling Australia’s setup the 'envy of the world' and warning you’d 'have to be insane' to scrap it.

'I think Australia is the only country on Earth that you can have a nurse and a diesel fitter get to age 65 with close to a million dollars in super,' he said, adding that dumping the system would be the 'single most destructive thing you could do to middle class Australians'.

In case you missed it: ‘It’s not cause for alarm’: Financial expert leaves advice ahead of superannuation changes




'In doing so you’d probably condemn half or a third of the population to poverty in retirement,' he warned, branding the move the 'stupidest economic decision of the millennium'.

'You could get rid of super tomorrow and it wouldn’t solve a single issue in society, financial or otherwise—not a single one,' Darroch added.

'What you would guarantee in causing is significantly bigger problems for ordinary people, for tax payers, for the government and for the economy.'

Darroch also cautioned against tying super to hot-button issues like housing or living costs: 'Understandably, people see their superannuation balance and have a desire to use it to assist with housing. The issue is, superannuation…can’t and won’t fix housing, any of the suggestions won’t even move the dial,' he said.



'Worse still, it would create systemic issues with poverty in retirement later on. You’d have squandered your financial security in over 60 for no gain.'

Murray’s Alternative​

Murray argues Aussies should be free to tap their nest egg whenever they like. His blueprint: funnel compulsory contributions straight into workers’ regular bank accounts and let existing balances be drawn down—say, $15,000 a year for five years—before converting what’s left into ordinary, untaxed investment funds. Tax brackets could shift during the transition to reflect the extra take-home pay.



Once super is gone, he contends, there’s nothing to replace: people would still save privately, and the age pension already stops seniors falling into poverty, a debate he says belongs inside the broader welfare mix.

Have you benefited from superannuation, or do you feel the system needs a major overhaul? Would you support scrapping it altogether, or do you think it just needs a few tweaks? And how do you feel about the idea of accessing your super early?

In earlier news: Retired and still worried about money? A new superannuation change is sparking fresh fears


We’d love to hear your thoughts and experiences. Share your story in the comments below—let’s get the conversation started!