Keating's other superannuation screw-up was to structure the scheme as a salary percentage contribution instead of a fixed-sum universal contribution.

The Keating structure created a two-tier system that not only excludes (or at best discriminates against) non-salaried workers, i.e. the self-employed, homemakers, carers and casual and temporary workers, but also hands high-end salary earners by far the largest slice of the taxpayer-funded superannuation pie - almost 40% of the annual taxpayer superannuation contribution goes to the top 6% of salary earners.

The superannuation system should have been based on a universal fixed-sum taxpayer contribution to ALL adults of working age regardless of employment status or income, with the onus left to the individual to self-fund their own super top-up. This major flaw is set to magnify considerably as our workforce becomes increasingly casualised, as the income gap continues to increase, and as Western governments continue to please their neoliberal masters by putting up the pension age (soon to be 70 in the UK with Australia almost certain to follow).