The Henry tax review has now managed to bring to light and acknowledge, although with very little support and fanfare, the blatant "welfare for the wealthy" that is hidden in Australia's tax system.

It has been seen that superannuation tax concessions end up costing the Federal Budget almost as much as age pension. Also, it has been revealed that housing tax breaks end up costing some 5 times as much as public housing and rent assistance. In case these tax concessions were paid in cash, like social security, their sheer size and negative impacts would be understood in a better way.

For over 20 years, the country's obsession with incessant tax cutting has led both sides of politics to provide assistance via repeated tax breaks, even when it has been seen that direct payments would be much better targeted and also end up saving funds.

The Henry tax review has revealed that the current "under-cover" tax system has managed to greatly increase the wealth of people who are already very rich, all the while depriving public revenue of over a billion dollars which could have been used as investments in hospitals, school, transport, etc., or to benefit the not-so-well-to-do Australians.