Superannuation should be used for aged care, not inherited by next generation, aged care CEO says

Labor should urge Australians to rethink purpose of super, Tracey Burton says, so country’s $4tn in superannuation could help plug funding shortfallsGet our breaking news email, free app or daily news podcastLabor should more actively encourage wealthier Australians to spend more of their superannuation on their own care, an industry leader says, to help free up capacity in the struggling system to protect elderly people without means.Tracey Burton, the chief executive of Uniting NSW and ACT, will tell an industry event next week that some wealthier people believe they are entitled to fully publicly funded aged care – even while they maintain large superannuation balances with the intention of leaving the money to their next generation. Continue reading...