Australia's superannuation system has substantial benefits: it will ensure many Australians have more comfortable and dignified retirements than they otherwise would have; it will relieve pressure on future budgets as Australia's population ages; and it provides a truly massive pool of national savings that has already demonstrated its economic value in the financial crisis.

It's also a rort, a giant swindle in which all taxpayers contribute generously to high-income earners and most generously to the richest. In 2012, Treasury forecast that this year, the top 5% of income earners would take 20% of tax concessions for superannuation contributions. The top 1% would garner 5.3%.