THE announcement last week by the Minister for Revenue and Taxation Helen Coonan that the Government was to reintroduce its superannuation changes back into Parliament was news in itself.

After a delay of some months the much discussed changes to super, including a few alterations to the changes, were back on the agenda and were introduced last Thursday.

The superannuation changes had been flagged in late 2001 at the last election, and the comments damning and praising the policy had long been consigned to the recycling bin before being wheeled out again, but there was nothing new to them at all.

What is interesting is that the issue still generates similar levels of debate as it did when first proposed six or seven months ago. And it is this passion surrounding the issue that should be the flag for any administration, political party or industry group that speaks on the matter.

It is a well-known fact that a huge invisible wall is looming over Australia’s pre-retirees, as well as those in retirement. This wall is that there are not enough public funds to support the pension indefinitely among a growing aged population; and the public funds will stop.

There is no certainty that the nation’s social security system will hit that wall, but given current trends and poor savings records of Australians, it is a growing possibility.

The tragedy is that the wall may be invisible but the impact will be very real.

Whatever shade and breed of government in power at the time will be consigned to a political hiding, and maybe even ostracism, but much worse than that will be the many people who are unable to support themselves and without the public purse, will find the future very dire indeed.

It is not the purpose of this column to discuss the ills of society. Yet when we have a system in place that can create a way of avoiding such a situation, it is not only the place of this column but also of the financial services industry to become concerned with that matter as well.

Once this type of issue was so far away it was not an issue, but now that wall is not only an issue for the next generation, it is an issue for this one.

The changes in superannuation introduced by Coonan are in essence only a short-term issue, what really needs to change is the bigger picture – and that will never occur as a result of political expediency.