1. Can't touch till 60, not 65.
2. Returns on investment are also taxed at 15%. This turns average 20-years returns on Oz shares from 9% outside-super into 9% in-super (before inflation) for someone with marginal tax rate of 39%.
Is 2% extra return (plus 24% extra capital straight away) worth taking future legislation risk. To me, absolutely. I am always amused that people are worried about potential future tax on super. The funny thing is, that potential extra tax may or may not eventuate in the distant future. On the other hand, if one invests outside super, then extra 24% and 2% less returns are 100% certainty. Another proof that people are not rational investors.
And therefore, it is a good thing that super is not accessible. The ease of access makes it more likely for investors to panic and sell when the sky is falling down. I sold $100,000 worth of shares (blue chips) in 2008 because I panicked. Should I hold those shares in my super, I would have never sold them.