Misleading fear campaigns may kill Labor’s superannuation changes. But here are the real numbers

‘We have a system that pretends even people as wealthy as Gina Rinehart need tax breaks to help them save for retirement,’ writes Greg Jericho. Photograph: pamspix/Getty Images

Australia’s superannuation is a broken system that works to give the richest 10% over $20bn a year in tax breaks, while nearly a quarter of retirees live in poverty due to the miserable level of the age pension. The government is trying to reduce some of the most egregious abuses of superannuation – and yet misleading fear campaigns look likely to win out.

Let me put some numbers in your head.