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The reason is that much of our economic euphoria is based on perception rather than reality. Perhaps the way out is to increase the compulsory superannuation levy - at the present rate, we may collect more trillions in a decade. Then we can live off the interest and no one will have to work. I suppose forced saving of this magnitude is one way out for Australia.
What is important is to agree on what will work and how to achieve it. Denial is not an option. At some stage, the Australian economy will collapse like a house of cards.
Martin Feil is a tax and industry policy consultant. He was a director of the Industries Assistance Commission.